Latch, Inc. (LTCH): debt financing — Latch acquires Honest Day's Work; Jamie Siminoff to become CEO later in 2023

Latch, Inc.

Consideration: ~29.0M shares of common stock and $22.0M unsecured promissory notes.
Jamie Siminoff expected to serve as CSO initially, then CEO later in 2023.
Transaction expected to close early Q3 2023 subject to customary conditions.
Shares are non-transferable for up to 5 years with performance-based release at $2-$5 thresholds.
Promissory notes bear 10% PIK interest, mature in 2 years, prepayable; accrue on events of default.

item 1.01 item 2.03 item 3.02 item 5.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Latch, Inc. incurred loan of $22.0 million aggregate principal amount at 10% per annum maturing two-year maturity.

Instrument: loan
Principal: $22.0 million aggregate principal amount
Rate: 10% per annum
Maturity: two-year maturity
Event: incurrence

Exact text from the filing

the Company (together with the First Merger, the “Mergers”). At the effective time of the First Merger, the Company will issue to HDW’s stockholders as merger consideration (i) $22.0 million aggregate principal amount of unsecured promissory notes (the “Promissory Notes”) and (ii) approximately 29.0 million shares of the Company’s common stock (the “Shares”). In the

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Latch, Inc. filing history →

Source: SEC EDGAR

accession 0001826000-23-000056

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