Latch completes acquisition of HelloTech, assumes ~$6.9M debt; negotiating new $6M loan with warrant

Latch, Inc.

Merger closed July 1, 2024: HelloTech became wholly owned subsidiary; its stockholders received no consideration.
Latch assumed HelloTech's ~$6.9M term loan; bank agreed to forgive ~$0.9M if Latch pays $6M by July 15.
Latch paid $250,000 of HelloTech's merger-related expenses.
Latch negotiating new $6M term loan with the bank and issuance of a warrant for 1M shares at $1.25 exercise price, 6-year term.
No assurance that the new debt arrangement with the bank will be finalized on acceptable terms or at all.

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