Latch receives expected Nasdaq notification of non-compliance
August 12 2022 - 4:00PM
Latch, Inc. (NASDAQ: LTCH) (the “Company”), maker of LatchOS, the
full-building enterprise software-as-a-service (SaaS) platform,
today announced that on August 11, 2022, it received a letter from
the Listing Qualifications Department of The Nasdaq Stock Market
LLC (“Nasdaq”) notifying the Company that it did not comply with
Nasdaq’s Listing Rule 5250(c)(1) for continued listing because the
Company had not filed its Quarterly Report on Form 10-Q for the
quarter ended June 30, 2022 (the “Form 10-Q”) by the required due
date.
The Company previously
disclosed its inability to timely file the Form 10-Q in its
Notification of Late Filing on Form 12b-25 filed with the
Securities and Exchange Commission on August 10, 2022.
Nasdaq informed the Company that it has until October 10, 2022 to
submit a plan to regain compliance with respect to the filing of
the Form 10-Q. If Nasdaq approves the Company’s plan, it may grant
the Company an extension of up to 180 calendar days from the due
date of the Form 10-Q to regain compliance.
The notice received from
Nasdaq has no immediate effect on the listing or trading of the
Company’s shares of common stock or warrants. However, if the
Company fails to timely regain compliance with the Rule, the
Company’s shares of common stock and warrants will be subject to
delisting from Nasdaq.
The Company intends to file the Form 10-Q as soon as
practicable.
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 Latch’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 shareholders, customers, and residents; the
impact of the 2022 workforce reductions on the Company’s business;
the Company’s strategy; and the Company’s ability to receive Nasdaq
approval of its plan to regain compliance with respect to the
filing of the Form 10-Q and its ability to comply with the
continued listing requirements under Nasdaq’s Listing Rule
5250(c)(1). Many factors could cause actual future events to differ
materially from the forward-looking statements in this document,
including Latch’s ability to implement business plans and changes
and developments in the industry in which Latch competes. 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 our Annual
Report on Form 10-K filed with the SEC on March 1, 2022, and other
documents filed by Latch 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
Media:
press@latch.com
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