Latch, Inc. completed the acquisition of Honest Day's Work, Inc.
July 02, 2023
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Latch, Inc. (NasdaqGS:LTCH) entered into an Agreement and Plan of Merger to acquire Honest Day's Work, Inc. for $44.5 million on May 15, 2023. As per the terms of the transaction, the Company will issue to HDW?s stockholders as merger consideration (i) $22 million aggregate principal amount of unsecured promissory notes (the ?Promissory Notes?) and (ii) expected to join Latch post-transaction and Jamie Siminoff is expected to become Chief Executive Officer of Latch later in 2023. The completion of the transactions is subject to customary closing conditions, including the effectiveness of the Jamie Siminoff approximately 29 million shares of the Company?s common stock (the ?Shares?). In the event any of HDW?s stockholders are not eligible to receive unregistered shares of the Company?s common stock, such stockholders will receive $0.76 in lieu of each Share such stockholder would otherwise receive as merger consideration. The Shares shall be non-transferable until the fifth anniversary of the closing of the Mergers (the ?Closing Date?) (the ?Restricted Period?), subject to certain accelerated releases. 30 Honest Day?s Work team members are Employment Agreement and the Jamie Siminoff Stock Restriction Agreement. The board of directors of both HDW and Latch has approved the deal. The deal is scheduled to occur on July 3, 2023. Joshua Zachariah, John Casnocha, Bradley C. Weber, Bryan Quinn, Kevin V. Lam, Jacqueline Klosek, Lynda T. Galligan, Monica Patel, April Sun, Andrew Lacy, Ora Grinberg, Jacob R. Osborn, Anne Bandes, J. Scott Zilora, Zoe Li and Justin Smith of Goodwin Procter LLP acted as legal advisors to HDW while Nick S. Dhesi and Ryan J. Maierson of Latham & Watkins LLP acted as legal advisors to Latch.
Latch, Inc. (NasdaqGS:LTCH) completed the acquisition of Honest Day's Work, Inc. on July 3, 2023.
Latch, Inc. is an enterprise software-as-a-service (SaaS) provider. The Company is a full-building operating system of software, products, and services that allows buildings to evolve to meet the demands of residents, tenants, staff, and visitors. Its products include Latch App, LatchID, OpenKit, Latch Lens, Latch Hub, Latch T, Link, Intercom, Latch R, Latch M, Latch C2, Camera, Latch Water Sensor, and Latch Concierge Pro. It helps the real estate operators in managing each of their spaces by introducing its new Web-based tool, Mission Control. It also uses Concierge, which helps real estate operators get automated guest and delivery management, tools for amenity optimization and monetization, and a tool to remotely augment their building staff. The Company also enables residential service providers, such as housekeepers, dog walkers, and drivers, to operate independently through technology.