Latch receives anticipated notice of additional Nasdaq non-compliance
19 Maio 2023 - 6:00PM
Latch, Inc. (NASDAQ: LTCH) (the “Company”), maker of LatchOS, the
full-building enterprise software-as-a-service (SaaS) platform,
today announced that on May 16, 2023, the Company received a notice
(the “Additional Notice”) from the Listing Qualifications
Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”)
that the Nasdaq Hearings Panel (the “Panel”) will consider the
Company’s failure to timely file its Quarterly Report on Form 10-Q
for the quarterly period ended March 31, 2023 (the “First Quarter
2023 Report”) with the Securities and Exchange Commission (the
“SEC”), as required by Nasdaq Listing Rule 5250(c)(1) (the “Listing
Rule”), in rendering a determination regarding the Company’s
continued listing on Nasdaq.
As previously disclosed, the Company received delisting
notifications from the Staff following the Company’s failure to
timely file its Quarterly Reports on Form 10-Q for the quarterly
periods ended June 30, 2022 and September 30, 2022 (together, the
“2022 Quarterly Reports”) and its Annual Report on Form 10-K for
the year ended December 31, 2022 (the “Annual Report”) with the
SEC. The Company was unable to timely file the 2022 Quarterly
Reports, the Annual Report, and the First Quarter 2023 Report due
to the ongoing effort to restate the Company’s consolidated
financial statements for 2019, 2020, 2021, and the first quarter of
2022 (all such interim and annual periods, the “Affected
Periods”).
The Company presented its plan to regain compliance with the
Listing Rule (the “Compliance Plan”) at a March 23, 2023 hearing
before the Panel. As set forth in the Compliance Plan, and as
granted by the Panel in its decision dated April 5, 2023, the
Company intends to regain compliance with the Listing Rule by
filing with the SEC, on or before August 4, 2023, (i) the Annual
Report, within which the Company expects to include restated
financial statements for each of the Affected Periods, (ii) the
2022 Quarterly Reports, and (iii) the First Quarter 2023
Report.
The Additional Notice has no immediate effect on the
listing or trading of the Company’s securities on Nasdaq. However,
if the Company fails to regain compliance with the Listing Rule by
August 4, 2023, the Company’s securities will be subject to
delisting from Nasdaq. There can be no assurances that the Company
will be able to file the Annual Report, the 2022 Quarterly Reports,
and the First Quarter 2023 Report on or before August 4, 2023.
About Latch, Inc.
Latch makes spaces better places to live, work, and visit
through a system of software, devices, and services. For more
information, please visit https://www.latch.com.
FORWARD-LOOKING STATEMENTS
This release contains certain forward-looking statements within
the meaning of the federal securities laws, including statements
regarding adoption of the Company’s technology and products. These
forward-looking statements generally are identified by the words
“believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“would,” “will continue,” “will likely result” and similar
expressions. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Forward-looking information
includes, but is not limited to, statements regarding: the
Company’s future products, performance, and operations, and the
related benefits to stockholders, customers, and residents; the
Company’s strategy; the Company’s ability to file the Annual
Report, the 2022 Quarterly Reports, and the First Quarter 2023
Report by August 4, 2023; and the Company’s ability to otherwise
comply with the Listing Rule. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this document, including: (i) the effect of the
announcement, pendency or completion of the proposed merger
announced on May 16, 2023 (the “Merger”) on the ability of the
Company to retain and hire key personnel and maintain relationships
with customers, suppliers and others with which the Company does
business, or on the Company’s operating results and business
generally; (ii) the risk that the Company’s businesses may suffer
as a result of uncertainty surrounding the Merger and disruption of
management’s attention due to the Merger; (iii) the outcome of any
legal proceedings related to the Merger or otherwise, and the
impact of the Merger thereon; (iv) the Company’s ability to regain
and maintain compliance with the listing standards of Nasdaq, and
the impact of the Merger thereon; (v) the Company’s ability to
timely complete the ongoing restatement of its consolidated
financial statements for 2019, 2020, 2021 and the first quarter of
2022, and the impact of the Merger thereon; (vi) the Company’s
ability to file the Annual Report, the 2022 Quarterly Reports, and
the First Quarter 2023 Report by August 4, 2023, and the impact of
the Merger thereon; (vii) the expected performance of the Company's
stock; and (viii) the Company’s response to any of the
aforementioned factors. Many factors could cause actual future
events to differ materially from the forward-looking statements in
this release. The foregoing list of factors is not exhaustive. You
should carefully consider the foregoing factors and the other risks
and uncertainties described in the “Risk Factors” section of the
Company’s Annual Report on Form 10-K filed with the SEC on March 1,
2022, and other documents filed by the Company from time to time
with the SEC. These filings identify and address other important
risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on
forward-looking statements, and the Company assumes no obligation
to update or revise these forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law, including the securities laws of the United States
and the rules and regulations of the SEC. The Company does not give
any assurance that it will achieve its expectations.
CONTACTS:
Investors:
investors@latch.com
Latch PR:
press@latch.com
Latch (NASDAQ:LTCH)
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