Latch, Inc. Files 8-K for Material Definitive Agreement
Ticker: LTCHW · Form: 8-K · Filed: Apr 15, 2024 · CIK: 1826000
| Field | Detail |
|---|---|
| Company | Latch, INC. (LTCHW) |
| Form Type | 8-K |
| Filed Date | Apr 15, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $11.50, $22.0 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-definitive-agreement, company-name-change
TL;DR
Latch Inc. signed a big deal, filing an 8-K. Formerly TS Innovation Acquisitions Corp.
AI Summary
On April 14, 2024, Latch, Inc. entered into a Material Definitive Agreement. The filing also includes financial statements and exhibits related to this agreement. Latch, Inc. was formerly known as TS Innovation Acquisitions Corp. and changed its name on September 24, 2020.
Why It Matters
This 8-K filing indicates a significant new agreement for Latch, Inc., which could impact its business operations and financial future.
Risk Assessment
Risk Level: medium — Material definitive agreements can introduce new risks or opportunities, and the specifics of this agreement are not detailed in the provided text.
Key Players & Entities
- Latch, Inc. (company) — Registrant
- TS Innovation Acquisitions Corp. (company) — Former company name
- April 14, 2024 (date) — Date of earliest event reported
- September 24, 2020 (date) — Date of name change
FAQ
What is the nature of the Material Definitive Agreement filed by Latch, Inc. on April 14, 2024?
The provided text states that Latch, Inc. entered into a Material Definitive Agreement on April 14, 2024, but does not specify the details of the agreement.
What was Latch, Inc.'s former name?
Latch, Inc.'s former name was TS Innovation Acquisitions Corp.
When did Latch, Inc. change its name from TS Innovation Acquisitions Corp.?
Latch, Inc. changed its name from TS Innovation Acquisitions Corp. on September 24, 2020.
What is the SEC file number for Latch, Inc.?
The SEC file number for Latch, Inc. is 001-39688.
What is the IRS Employer Identification Number for Latch, Inc.?
The IRS Employer Identification Number for Latch, Inc. is 85-3087759.
Filing Stats: 784 words · 3 min read · ~3 pages · Grade level 12.2 · Accepted 2024-04-15 06:45:59
Key Financial Figures
- $0.0001 — ich registered Common stock, par value $0.0001 per share LTCH N/A (OTC Expert Market)
- $11.50 — of Common stock at an exercise price of $11.50 per share LTCHW N/A (OTC Expert Market)
- $22.0 million — n of HDW's stockholders (the "Holders") $22.0 million aggregate principal amount of unsecured
Filing Documents
- lat-20240414.htm (8-K) — 30KB
- ex41-promissorynoteamendme.htm (EX-4.1) — 21KB
- 0001826000-24-000012.txt ( ) — 208KB
- lat-20240414.xsd (EX-101.SCH) — 2KB
- lat-20240414_def.xml (EX-101.DEF) — 15KB
- lat-20240414_lab.xml (EX-101.LAB) — 26KB
- lat-20240414_pre.xml (EX-101.PRE) — 15KB
- lat-20240414_htm.xml (XML) — 4KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On May 15, 2023, Latch, Inc. (the "Company") and certain subsidiaries entered into an Agreement and Plan of Merger with Honest Day's Work, Inc. ("HDW"), pursuant to which Latch acquired HDW (the "Acquisition"). As partial consideration for the Acquisition, the Company issued to certain of HDW's stockholders (the "Holders") $22.0 million aggregate principal amount of unsecured promissory notes (the "Promissory Notes"). The Promissory Notes accrue paid-in-kind interest at a rate of 10% per annum and mature on July 3, 2025, unless earlier accelerated in connection with an event of default or change of control of the Company. In addition, the Company may prepay the Promissory Notes at any time prior to maturity. An event of default occurs under the Promissory Notes if, as of April 15, 2024 (the "Reference Date"), the Company's common stock is delisted from The Nasdaq Stock Exchange LLC ("Nasdaq"), following exhaustion of all rights of appeal related thereto as of the Reference Date, as a result of Latch's failure to satisfy the continued listing requirements of Nasdaq due to existing non-compliance issues (a "Delisting"). On April 14, 2024, the Company and Holders of a majority of the outstanding principal amount of the Promissory Notes (the "Majority Holders") entered into an Amendment to Promissory Notes (the "Amendment") to amend the definition of Delisting such that the Reference Date is May 3, 2024 instead of April 15, 2024. The description of the Amendment set forth above does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy which is filed as Exhibit 4.1 hereto and incorporated herein by reference. The Company is in active negotiations with the Holders to make additional amendments to the Promissory Notes (including further changes to the Delisting event of default); however, there can be no assurances that an agreement will be reache
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. Exhibit Number Description 4.1* Amendment to Promissory Notes, dated April 14, 2024. 104 Cover Page Interactive Data File, formatted in Inline XBRL and embedded within the Interactive Data Files submitted under Exhibit 101. * A schedule to this exhibit has been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Registrant agrees to furnish a copy of any omitted schedule to the Securities and Exchange Commission upon request.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. Latch, Inc. Date: April 15, 2024 By: /s/ Priyen Patel Name: Priyen Patel Title: Senior Vice President and General Counsel