What Happened to Latch?
Ticker: LTCHSPAC Year: 2021Merger: 2021
Return
-100.0%
Current Price
$0
Peak Price
$17.78
Trust Size
$450M
Summary
Smart access/lock company for apartment buildings. Tishman Speyer SPAC deal. Delisted in 2023 after restating financials and SEC investigation.
What Happened
Latch merged with TS Innovation Acquisitions Corp (Tishman Speyer real estate) in June 2021. The company makes smart locks and building access systems for multifamily apartments. Initially seemed solid â sticky B2B product, recurring revenue from SaaS. But Latch had to restate 2 years of financial results after discovering revenue recognition errors. The SEC launched an investigation. The CFO was fired. The stock was delisted from NYSE for failure to file timely financials. Investors lost everything.
Key People
Timeline
2021-01
SPAC merger announced
2021-06
Merger completed
2022-08
Financial restatement announced
2023-01
CFO fired, SEC investigation
2023-06
Delisted from NYSE