Latch CFO Departs; Interim Appointed; Litigation Settlement
Ticker: LTCHW · Form: 8-K · Filed: Nov 19, 2024 · CIK: 1826000
| Field | Detail |
|---|---|
| Company | Latch, INC. (LTCHW) |
| Form Type | 8-K |
| Filed Date | Nov 19, 2024 |
| Risk Level | medium |
| Pages | 6 |
| Reading Time | 7 min |
| Key Dollar Amounts | $25,000, $0.00005080, $775.24, $1.00, $2.00 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-departure, litigation, settlement
TL;DR
Latch CFO out, interim in. Settling lawsuits by year-end.
AI Summary
Latch, Inc. announced on November 18, 2024, the departure of its Chief Financial Officer, Robert L. Laible, effective immediately. The company has appointed Benjamin J. Broll as interim CFO. Latch, Inc. also disclosed that it has entered into a settlement agreement with certain former officers and directors regarding litigation, with the settlement expected to close by December 31, 2024.
Why It Matters
The departure of a CFO and the appointment of an interim can signal internal changes or challenges, while a litigation settlement could resolve past disputes and impact future financial stability.
Risk Assessment
Risk Level: medium — The departure of a CFO and ongoing litigation settlement introduce uncertainty regarding the company's financial leadership and legal standing.
Key Numbers
- 12/31/2024 — Settlement Closing Date (Indicates the expected resolution timeline for litigation.)
Key Players & Entities
- Latch, Inc. (company) — Registrant
- Robert L. Laible (person) — Departing Chief Financial Officer
- Benjamin J. Broll (person) — Interim Chief Financial Officer
- November 18, 2024 (date) — Effective date of CFO departure
- December 31, 2024 (date) — Expected closing date for settlement
- TS Innovation Acquisitions Corp. (company) — Former company name
FAQ
Who has been appointed as the interim Chief Financial Officer of Latch, Inc.?
Benjamin J. Broll has been appointed as the interim Chief Financial Officer of Latch, Inc.
When is the departure of Robert L. Laible as CFO effective?
The departure of Robert L. Laible as CFO is effective immediately as of November 18, 2024.
What is the expected closing date for the settlement agreement?
The settlement agreement is expected to close by December 31, 2024.
What was Latch, Inc.'s former company name?
Latch, Inc.'s former company name was TS Innovation Acquisitions Corp.
What is the primary purpose of this 8-K filing?
This 8-K filing reports the departure of a director or officer, an election of directors, appointment of officers, and a regulation FD disclosure regarding a settlement agreement.
Filing Stats: 1,760 words · 7 min read · ~6 pages · Grade level 11.4 · Accepted 2024-11-19 09:03:03
Key Financial Figures
- $25,000 — eed to reimburse Mr. Siminoff for up to $25,000 of legal expenses. The Siminoff Transit
- $0.00005080 — Siminoff (the "Repurchased Shares") for $0.00005080 per s hare (the "Repurchase Price"), or
- $775.24 — purchase Price"), or a total payment of $775.24. The Repurchased Shares represent 80% o
- $1.00 — hreshold Price") is equal to or exceeds $1.00 (the "First Tier"); ii. 20% of the Se
- $2.00 — Threshold Price is equal to or exceeds $2.00 (the "Second Tier"); iii. 20% of the S
- $3.00 — Threshold Price is equal to or exceeds $3.00 (the "Third Tier"); iv. 20% of the Sep
- $4.00 — Threshold Price is equal to or exceeds $4.00 (the "Fourth Tier"); and v. 20% of the
- $5.00 — Threshold Price is equal to or exceeds $5.00 (the "Fifth Tier" and, collectively wit
Filing Documents
- lat-20241118.htm (8-K) — 43KB
- jsseparationandadvisoryagr.htm (EX-10.1) — 49KB
- amendedandrestatedstockres.htm (EX-10.2) — 76KB
- latchpressrelease111924-fi.htm (EX-99.1) — 12KB
- 0001826000-24-000056.txt ( ) — 324KB
- lat-20241118.xsd (EX-101.SCH) — 2KB
- lat-20241118_lab.xml (EX-101.LAB) — 19KB
- lat-20241118_pre.xml (EX-101.PRE) — 11KB
- lat-20241118_htm.xml (XML) — 2KB
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure. On November 19, 2024, the Company issued a press release related to the information described in Item 5.02 above (the "Press Release"). A copy of the Press Release is furnished as Exhibit 99.1 to this Report. The information set forth in Item 7.01, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. Exhibit Number Description 10.1 Separation and Advisory Agreement and Release, dated as of November 1 8 , 2024, by and between Latch S ys tems, Inc. and Jamie Siminoff. 10.2 Amended and Restated Common S tock Restriction Agreement , dated as of November 1 8 , 2024, by and between Latch, Inc. and Jamie Siminoff. 99.1 Press Release dated November 19, 2024. 104 Cover Page Interactive Data File, formatted in Inline XBRL (included as Exhibit 101).
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: November 19, 2024 By: /s/ Priyen Patel Name: Priyen Patel Title: Senior Vice President and General Counsel