Latch (LTCH) has issued an announcement.
Latch Systems, Inc. and its subsidiary HelloTech, restructured their financials with a New Loan Agreement for $6.0 million, replacing their Prior Loan without adding additional funds. The loan, bearing interest at the greater of prime rate or 6%, matures on July 15, 2029, with various repayment conditions and security interests granted to the lender. The agreement imposes several operational restrictions and maintains a liquidity ratio, with the company’s assets valued at approximately $110 million. Additionally, Latch Systems issued a warrant for 1 million shares at $1.25 each, exercisable until 2030, in a private placement to the lender.
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