Welcome to our dedicated page for Latch news (Ticker: LTCH), a resource for investors and traders seeking the latest updates and insights on Latch stock.
Latch, Inc. (LTCH), operating under the DOOR brand, reports on a building-intelligence business that combines hardware, software and automated services for residential portfolios and purpose-built communities. Company news centers on access control and smart-building solutions for property owners, operators and residents, along with financial updates that discuss software revenue, total revenue, net loss, adjusted EBITDA and liquid assets.
Recent corporate updates also cover the company’s return to current SEC reporting, its completed restatement of prior financial statements, OTC market status for LTCH shares, leadership changes and disclosure matters tied to revenue recognition, internal controls, stockholder litigation and an SEC investigation.
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Latch, Inc. (NASDAQ: LTCH) announced on April 5, 2023, that it received approval from a Nasdaq Hearings Panel to continue its listing on the Nasdaq Global Select Market, contingent upon compliance with Listing Rule 5250(c)(1) by August 4, 2023. The company has faced delisting notifications due to failures in filing its Quarterly Reports on Form 10-Q and its Annual Report on Form 10-K, which stem from the ongoing restatement of its financial statements for previous years. Notably, Latch must submit the Annual Report, the delinquent quarterly reports, and the First Quarter 2023 Report to ensure compliance. Failure to meet the deadline may result in delisting from Nasdaq, although the recent notice does not immediately affect trading of its shares. The company highlights risks regarding future reporting and compliance.
On March 13, 2023, Latch (NASDAQ: LTCH) announced its awareness of the FDIC taking control of Silicon Valley Bank (SVB) due to liquidity issues. Latch holds approximately $3.1 million in deposits with SVB, representing less than 2% of its total cash and equivalents of about $215.4 million. The company does not have deposits with Signature Bank, also under FDIC control. Following SVB's closure, Latch plans to transfer its deposits to a reputable bank and does not anticipate material losses from its assets held by U.S. Bank. However, there may be delays in transitioning investment management services previously managed by SVB Asset Management.
Latch, Inc. (Nasdaq: LTCH) announced that the Nasdaq Hearings Panel has granted its request for an extension of the automatic stay of suspension. This decision follows a notification from Nasdaq regarding potential delisting due to the company's failure to file Quarterly Reports on Form 10-Q for the periods ended June 30, 2022, and September 30, 2022. The hearing before the Panel is scheduled for March 23, 2023, where a final determination on the company's listing status will be made.
Latch, Inc. (NASDAQ: LTCH) announced on February 7, 2023, that it received a Staff Delisting Determination from Nasdaq due to non-compliance with Listing Rule 5250(c)(1), which requires timely filing of financial reports. The Company did not file its Quarterly Reports for the periods ending June 30 and September 30, 2022, by the Extension Deadline of February 6, 2023. Latch intends to appeal this determination, which will temporarily stay any suspension or delisting for 15 days. The Company plans to prepare and file the Relevant Financial Statements after audits, but faces uncertainty on meeting deadlines set by the Nasdaq Hearings Panel.
Latch, Inc. (NASDAQ: LTCH) has appointed Jason Keyes as interim CEO and Marc Landy as interim CFO following the resignations of Luke Schoenfelder and other key executives. The Board expressed gratitude for Schoenfelder's leadership since co-founding the company in 2014 and emphasized its confidence in the new leadership team to enhance operational performance. Keyes aims to build upon the company's momentum and strong financial position while focusing on sustainable growth and improved customer experience. A search for permanent executives is underway.