secwatch.observer — SEC 8-K summary
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Issuer:     Southland Holdings, Inc. (SLND)
CIK:        0001883814
Form:       8-K
Filed at:   2023-02-14T23:59:59+00:00
Accession:  0001829126-23-001536
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 1.02, 2.01, 3.02, 9.01, 3.03, 5.01, 5.02, 5.03, 5.06, 5.07, 8.01
LLM model:  deepseek-v4-flash:cloud@v2

SPAC Legato Merger Corp. II closes merger with Southland Holdings; Southland members own 77.8%
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- On Feb 14, 2023, Legato Merger Corp. II completed its business combination with Southland Holdings LLC; combined entity now Southland Holdings, Inc. (SLND).
- Southland members received 33,793,111 shares (77.8% ownership) and $50M in 7% unsecured promissory notes due Feb 14, 2028.
- SPAC redemptions of 25,296,280 shares at ~$10.30 per share; outstanding shares post-closing: 44,407,831.
- New employment agreements: Frank Renda ($650k base), Tim Winn ($500k), Rudy Renda ($500k), Cody Gallarda ($400k); annual bonus target 80-200% of base.
- Outstanding warrants: 14,385,500 (13.8M public, 585.5K private) exercisable at $11.50 per share.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1883814/000182912623001536/0001829126-23-001536-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1883814/000182912623001536/legato2_8-k.htm
  HTML page:      https://secwatch.observer/filing/0001829126-23-001536

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