Latch reports ~$3.1M SVB deposits (<2% of cash); total cash $215.4M; no material loss expected

Latch, Inc.

Deposits with SVB of ~$3.1M as of March 8, 2023, representing less than 2% of total cash and securities.
Total cash, equivalents, and available-for-sale securities ~$215.4M; $61.4M in U.S. Bank custodian account managed by SVB Asset Management.
Company has initiated replacement of SVB Asset Management as investment manager and does not expect a material loss.
FDIC guarantees full access to SVB deposits starting March 13; Latch intends to transfer funds to a money center bank.
No deposits with Signature Bank.

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