Latch’s Strategic Acquisition and Financial Maneuvers

The latest announcement is out from Latch (LTCH).

Latch, Inc. acquired Honest Day’s Work, Inc. on May 15, 2023, and issued $22 million in unsecured promissory notes to the sellers, with a 10% annual interest, due in 2025. After failing to amend the terms, the company preemptively settled these notes on April 26, 2024, paying $23.9 million including accrued interest. This transaction reduced the company’s cash reserves, but investors are cautioned not to rely solely on these unaudited figures for investment decisions, as comprehensive financials will be provided after the company completes its financial restatements.

For an in-depth examination of LTCH stock, go to TipRanks’ Stock Analysis page.