Latch amends promissory notes to extend delisting default trigger date to May 3, 2024

Latch, Inc.

Amended $22M promissory notes (10% PIK, due July 2025) to extend delisting default reference date to May 3, 2024.
Majority noteholders approved the amendment; Latch is in active negotiations for additional changes to the promissory notes.
Notes were issued as partial consideration for the May 2023 acquisition of Honest Day's Work, Inc.
Stock trades on OTC Expert Market (LTCH, LTCHW); Nasdaq delisting risk remains a condition for acceleration.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Latch, Inc. amended Amendment to Promissory Notes with Holders of a majority of the outstanding principal amount of the Promissory Notes valued at The Amendment amends the definition of Delisting such that the Reference Date is May 3, 2024 instead (effective 2024-04-14).

Action: amendment
Agreement: notes offering
Counterparty: Holders of a majority of the outstanding principal amount of the Promissory Notes
Value: The Amendment amends the definition of Delisting such that the Reference Date is May 3, 2024 instead
Effective: 2024-04-14

Exact text from the filing

On April 14, 2024, the Company and Holders of a majority of the outstanding principal amount of the Promissory Notes (the “Majority Holders”) entered into an Amendment to Promissory Notes (the “Amendment”) to amend the definition of Delisting such that the Reference Date is May 3, 2024 instead of April 15, 2024.

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Source: SEC EDGAR

accession 0001826000-24-000012

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