secwatch.observer — SEC 8-K summary
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Issuer:     Latch, Inc. (LTCH)
CIK:        0001826000
Form:       8-K
Filed at:   2023-11-27T23:59:59+00:00
Accession:  0001826000-23-000106
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 5.02, 8.01
LLM model:  deepseek-v4-flash:cloud@v2

Latch restatement not to be completed in 2023; Siminoff gets $1.55M, Lillis $475K in additional cash
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- Restatement of 2019-2021 and Q1 2022 financials will not be completed during 2023; no estimated timeframe.
- Jamie Siminoff (CSO) receives additional annual cash of $1.55M (total $1.75M); no equity or bonus while adjustment in effect.
- David Lillis (SVP Finance) receives additional annual cash of $475K (total $825K); no equity or bonus while adjustment in effect.
- Siminoff and Lillis expected to become CEO and CFO after restatement completion.
- Nasdaq delisting effective April 15, 2024 triggers event of default on $22M promissory notes.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1826000/000182600023000106/0001826000-23-000106-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1826000/000182600023000106/lat-20231124.htm
  HTML page:      https://secwatch.observer/filing/0001826000-23-000106

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