Latch receives expected Nasdaq notification of non-compliance
16 Noviembre 2022 - 3:00PM
Latch, Inc. (NASDAQ: LTCH) (the “Company”), maker of LatchOS, the
full-building enterprise software-as-a-service (SaaS) platform,
today announced that on November 14, 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) (the “Rule”) for continued
listing because the Company had not filed its Quarterly Report on
Form 10-Q for the quarter ended September 30, 2022 (the “Third
Quarter Form 10-Q”) by the required due date.
The Company previously disclosed its inability to timely file
the Third Quarter Form 10-Q in its Notification of Late Filing on
Form 12b-25 filed with the Securities and Exchange Commission on
November 10, 2022. Following the Company’s failure to
file the Quarterly Report on Form 10-Q for the quarter ended June
30, 2022 (the “Second Quarter Form 10-Q” and, together with the
Third Quarter Form 10-Q, the “Quarterly Reports”), the Company
submitted a plan (the “Compliance Plan”) to regain compliance with
the Rule, and Nasdaq granted the Company an exception until
February 6, 2023 to file both Quarterly Reports.
As a result of the Company’s failure to file the Third Quarter
Form 10-Q, Nasdaq informed the Company that it has until November
28, 2022 to submit an update to the Compliance Plan.
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 will be subject
to delisting from Nasdaq.
The Company intends to file the Quarterly Reports 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 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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