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LATCH INC (symbol: LTCH) is dedicated to innovating access solutions for modern buildings. With a unique blend of decades worth of expertise in creating highly reliable locks and the experience in designing iconic technology products, Latch has developed a product line that stands out for its strength, simplicity, and aesthetic appeal.
The company's core business revolves around creating a secure and seamless access experience for residents and property managers alike. Their flagship products include smart locks, intercom systems, and access control software tailored for residential and commercial buildings. This integration of hardware and software ensures that properties are secure while offering convenience and modern appeal.
Recently, Latch has been focusing on expanding its presence in the real estate technology market by forging strategic partnerships with leading property developers and management companies. The company's innovative solutions have been widely adopted across various urban centers, further solidifying its position as a key player in the industry.
In terms of financial condition, Latch has shown a steady growth trajectory, bolstered by increasing market demand for smart building solutions. Their ongoing projects include developing new product lines that enhance building security and user convenience, as well as optimizing their existing technology for better performance and reliability.
LATCH INC continues to push the boundaries of what is possible in building access technology, aiming to make access easier, safer, and more intuitive for everyone.
Latch, Inc. (NASDAQ: LTCH) announced on April 5, 2023, that it received approval from a Nasdaq Hearings Panel to continue its listing on the Nasdaq Global Select Market, contingent upon compliance with Listing Rule 5250(c)(1) by August 4, 2023. The company has faced delisting notifications due to failures in filing its Quarterly Reports on Form 10-Q and its Annual Report on Form 10-K, which stem from the ongoing restatement of its financial statements for previous years. Notably, Latch must submit the Annual Report, the delinquent quarterly reports, and the First Quarter 2023 Report to ensure compliance. Failure to meet the deadline may result in delisting from Nasdaq, although the recent notice does not immediately affect trading of its shares. The company highlights risks regarding future reporting and compliance.
On March 13, 2023, Latch (NASDAQ: LTCH) announced its awareness of the FDIC taking control of Silicon Valley Bank (SVB) due to liquidity issues. Latch holds approximately $3.1 million in deposits with SVB, representing less than 2% of its total cash and equivalents of about $215.4 million. The company does not have deposits with Signature Bank, also under FDIC control. Following SVB's closure, Latch plans to transfer its deposits to a reputable bank and does not anticipate material losses from its assets held by U.S. Bank. However, there may be delays in transitioning investment management services previously managed by SVB Asset Management.
Latch, Inc. (Nasdaq: LTCH) announced that the Nasdaq Hearings Panel has granted its request for an extension of the automatic stay of suspension. This decision follows a notification from Nasdaq regarding potential delisting due to the company's failure to file Quarterly Reports on Form 10-Q for the periods ended June 30, 2022, and September 30, 2022. The hearing before the Panel is scheduled for March 23, 2023, where a final determination on the company's listing status will be made.
Latch, Inc. (NASDAQ: LTCH) announced on February 7, 2023, that it received a Staff Delisting Determination from Nasdaq due to non-compliance with Listing Rule 5250(c)(1), which requires timely filing of financial reports. The Company did not file its Quarterly Reports for the periods ending June 30 and September 30, 2022, by the Extension Deadline of February 6, 2023. Latch intends to appeal this determination, which will temporarily stay any suspension or delisting for 15 days. The Company plans to prepare and file the Relevant Financial Statements after audits, but faces uncertainty on meeting deadlines set by the Nasdaq Hearings Panel.
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