Latch Completes Acquisition of Honest Day’s Work
Acquisition enables Latch to deliver on its mission of making spaces better places to live, work, and visit
Latch acquired 100% of the capital stock of HDW in exchange for approximately 29.0 million shares of Latch’s common stock, subject to certain time-based and stock performance-based transfer restrictions, and
The acquisition integrates the two companies’ teams, resources, and know-how to advance Latch’s mission of making spaces better places to live, work, and visit, while further advancing HDW’s capabilities.
Siminoff said: “With the completion of the acquisition, I am excited to get to work on combining Latch and HDW to build a disciplined, efficient, and truly innovative business. By combining access control with HDW’s mission, there is huge opportunity to improve the lives of residents, building managers, and service providers alike.”
Latch makes spaces better places to live, work, and visit through a system of software, devices, and services. For more information, please visit www.latch.com.
About Honest Day’s Work
Honest Day’s Work is on a mission to enable independence through technology for residential service providers, such as housekeepers, dog walkers, electricians, and drivers. The company aims to provide workers with more control over their businesses and enable them to deliver high-quality service to their customers. HDW was founded by
This release contains certain forward-looking statements within the meaning of the federal securities laws. 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: Latch’s and Honest Day’s Work’s future products, financial performance, strategies, and operations, and the related benefits to shareholders, customers, and residents; expected growth of demand for Latch’s and Honest Day’s Work’s future products and their adoption by customers; Latch and Honest Day’s Work industry positions; Latch’s acquisition of Honest Day’s Work, the impact of such acquisition and related transactions on the combined company, and the operating results of the combined company; the ability of Latch to successfully integrate Honest Day’s Work and realize the benefits of such acquisition, including the expected performance of the combined company’s management team; and the transition in Latch’s CEO position. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including: (i) the effect of the completion of the HDW acquisition (the “Acquisition”) on the ability of Latch to retain and hire key personnel and maintain relationships with customers, suppliers and others with which Latch does business, or on Latch’s operating results and business generally; (ii) the risk that the Acquisition and the integration of HDW into Latch may involve unexpected costs or liabilities; (iii) the outcome of legal proceedings, if any, related to the Acquisition or otherwise, and the impact of the Acquisition thereon; (iv) Latch’s ability to regain and maintain compliance with the listing standards of Nasdaq, and the impact of the Acquisition thereon; (v) Latch’s ability to timely complete the ongoing restatement of its consolidated financial statements for 2019, 2020, 2021 and the first quarter of 2022, and the impact of the Acquisition thereon; (vi) Latch’s ability to file its delinquent periodic reports with the
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