Einride Rises 90% in First Trade on Nasdaq Wednesday Morning Under Ticker ENRD

According to CNBC, autonomous EV freight trucking company Einride went public on Nasdaq on Wednesday morning under the ticker symbol ENRD, with shares surging as much as 90% during the first day of trading. The company raised over $200 million in gross proceeds through its SPAC merger with Legato Merger Corp. III, including $113 million in PIPE capital from institutional investors such as Stockholm-based EQT Ventures.

Founded in 2016, Einride operates approximately 200 electric vehicles for customers across seven countries and has signed contracts with enterprise clients including GE Appliances, Apotea, PepsiCo, Heineken, and Mars. The company reported approximately $92 million in expected annual recurring revenue from signed contracts.