Latch to acquire HelloTech to form DOOR Services; assumes $6.9M debt with $0.9M forgiveness

Latch, Inc.

Acquisition of HelloTech for assumption of ~$6.9M debt plus up to $250k expenses; no equity consideration to HelloTech holders.
Bank agreed to forgive $0.9M of HelloTech debt if no debt assumption by July 15; Latch negotiating $6M term loan with 1M-share warrant at $1.25.
HelloTech serviced 100k+ residences in last 12 months; combined with Honest Day's Work to launch DOOR Services.
Micah Stone promoted to President of DOOR Services, overseeing property management, JAMES app, and future services.
Closing expected Q3 2024; merger can be terminated if not closed by July 15, 2024.

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