secwatch.observer — SEC 8-K summary
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Issuer:     Latch, Inc. (LTCH)
CIK:        0001826000
Form:       8-K
Filed at:   2023-05-16T23:59:59+00:00
Accession:  0001826000-23-000056
Event type: m_and_a
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Latch acquires Honest Day's Work; Jamie Siminoff to become CEO later in 2023
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1826000/000182600023000056/0001826000-23-000056-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1826000/000182600023000056/lat-20230515.htm
  HTML page:      https://secwatch.observer/filing/0001826000-23-000056

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer