Latch receives extension from Nasdaq Hearings Panel, additional notification of non-compliance
12 April 2023 - 6:15AM
Latch, Inc. (NASDAQ: LTCH) (the “Company”), maker of LatchOS, the
full-building enterprise software-as-a-service (SaaS) platform,
today announced that on April 5, 2023, the Company received a
decision from a Nasdaq Hearings Panel (the “Panel”) granting the
Company’s request for continued listing on the Nasdaq Global Select
Market, subject to the Company demonstrating compliance with Nasdaq
Listing Rule 5250(c)(1) (the “Listing Rule”) on or before August 4,
2023, and certain other conditions.
As previously disclosed, the Company received delisting
notifications from the Listing Qualifications Department (the
“Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) 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 “Delinquent Quarterly Reports”) with the
Securities and Exchange Commission (the “SEC”).
Additionally, as reported in a Notification of Late Filing on
Form 12b-25 filed with the SEC on April 3, 2023, the Company was
unable to timely file its Annual Report on Form 10-K for the year
ended December 31, 2022 (the “Annual Report”) with the SEC due to
the ongoing restatement of 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”).
Furthermore, as a result of the ongoing restatement, the Company
does not anticipate timely filing its Quarterly Report on Form 10-Q
for the quarterly period ended March 31, 2023 (the “First Quarter
2023 Report”) with the SEC.
The Company also previously disclosed that it presented a plan
to regain compliance (the “Compliance Plan”) with the Listing Rule
at a March 23, 2023 hearing before the Panel. As set forth in the
Compliance Plan, 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 Delinquent Quarterly Reports, and (iii) the First Quarter
2023 Report.
As noted above, on April 5, 2023, the Company received a
decision from the Panel granting the Company’s request for
continued listing on The Nasdaq Global Select Market, subject to
the Company demonstrating compliance with the Listing Rule on or
before August 4, 2023, and certain other conditions.
On April 6, 2023, the Company received an additional notice from
the Staff (the “April Notice”) notifying the Company that it is not
in compliance with the Listing Rule as a result of its failure to
timely file the Annual Report with the SEC. The April Notice 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
regain compliance with the Listing Rule by August 4, 2023, the
Company’s shares of common stock and warrants will be subject to
delisting from Nasdaq.
There can be no assurances that the Company will be able to file
the Annual Report, the Delinquent 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 shareholders, customers, and residents; the
Company’s strategy; the Company’s ability to file the Annual
Report, the Delinquent 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 the Company’s ability to
implement business plans and changes and developments in the
industry in which the Company 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 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
Media:
press@latch.com
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