Latch expects Nasdaq delisting after missing filing deadline; plans OTC trading

Latch, Inc.

Latch notified Nasdaq it cannot file delinquent reports by Aug 4, 2023 deadline due to restatement delays.
Expects Nasdaq delisting and suspension; securities to trade on OTC Expert Market.
Cash and equivalents plus available-for-sale securities ~$192M as of July 31, 2023.
Commenced 59% workforce reduction (full-time employees) expected to complete by Nov 1, 2023.
Jamie Siminoff and Dave Lillis expected as CEO and CFO later in 2023.

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