Latch Completes Business Combination with TS Innovation Acquisitions Corp. to Become Publicly-Traded Company
Summary
PropTech leader behind full-building enterprise SaaS platform LatchOS will begin trading on NASDAQ TodayLatch will report first quarter 2021 financial results on June 9thNEW YORK, June 07, 2021 (GLOBE NEWSWIRE) -- Latch, Inc. (Latch or the Company), maker of the full-building enterprise software-as-a-service (SaaS) platform LatchOS, and TS Innovation Acquisitions Corp. (TSIA), a publicly traded special purpose acquisition company launched by leading real estate owner, developer, operator, and investment manager Tishman Speyer Properties, L.P. ("Tishman Speyer"), today announced that on June 4, 2021, the parties officially completed their previously announced transaction that resulted in Latch becoming a public company. Latchs common stock and warrants will begin trading on the Nasdaq Global Select Market today under the ticker symbols LTCH and LTCHW, respectively.In connection with the transaction, Latch has received approximately $453 million in cash proceeds, net of fees and expenses funded in conjunction with the closing of the business combination, which includes $190 million from a previously announced private placement of common stock (the PIPE). The proceeds will be used to fund initiatives to drive growth, such as growing the number of units on its platform, expanding offerings to additional asset classes, and spreading to new geographies.Latchs long-term mission is to make all types of spaces better places to live, work, and visit, said Luke Schoenfelder, Latch Co-Founder, CEO, and Chairman of the Board of Directors. More than one in ten new apartments in the U.S. are currently being built with Latch products, serving customers in more than 35 states through its flagship full-building operating system, LatchOS. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "would," "will continue," "will likely result," and similar expressions.