Latch refinances $6M term loan with Customers Bank, issues warrant for 1M shares at $1.25

Latch, Inc.

Amended & restated loan agreement: $6M term loan, interest rate greater of prime or 6.0%, due July 15, 2029.
Interest-only payments until Jan 15, 2025, then equal monthly principal plus interest; no prepayment penalty.
Issued warrant to Customers Bank to purchase 1M shares at $1.25 per share, exercisable immediately, expires July 2030.
As of June 30, 2024, unaudited cash & equivalents and securities ~$110M; company cautions due to ongoing restatement.
Covenant requires Liquidity Ratio ≥ 4.0x, tested monthly; other covenants limit dividends, debt, asset sales.

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