Legato (LEGO)

A SPAC that will merge with Algoma Steel just in time with a strong steel environment. When the deal was struck a few months ago, the valuation was cheap. Since then, steel prices have rallied 25%. As a SPAC, there is a chance the deal won't close. It's trading around $11.40 today. If the deal doesn't close, you get your $10 back. If the deal happens, it will remove this big overhand of SPAC arbitragers. The new stock would have to rally 50% to match Stelco's PE and need to double to reach Nucor's. Their blast furnace would make them among the greenest steelmakers in Canada. Good risk/reward.