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Latch (LTCH) just unveiled an update.
Latch, Inc. is set to expand its corporate family through a merger with HelloTech, Inc., with the latter becoming a fully owned subsidiary post-merger. The financial intricacies of the deal involve Latch assuming HelloTech’s existing term loan of approximately $6.9 million, while also covering merger-related expenses up to $250,000. Additionally, negotiations are underway for Latch to secure a new term loan and issue a warrant for the bank to purchase shares in Latch. The success of the merger, expected to close on or after July 1, 2024, hinges on standard closing conditions and could be called off if certain breaches occur or if it doesn’t conclude by July 15, 2024. This strategic move could signal a significant shift in the market, making it a key development for investors and market watchers alike.
For a thorough assessment of LTCH stock, go to TipRanks’ Stock Analysis page.