Brief: Latch, Maker Of Full-Building Enterprise SaaS Platform LatchOS, To Merge With Tishman Speyer-Sponsored SPAC And Become Publicly Listed Company

Latch

25/01/2021 11:38

Jan 25 (Reuters) - TS Innovation Acquisitions Corp  TSIA.O :
    * PRESS RELEASE - LATCH, MAKER OF FULL-BUILDING ENTERPRISE
SAAS
PLATFORM LATCHOS, TO MERGE WITH TISHMAN SPEYER-SPONSORED SPAC
AND BECOME PUBLICLY LISTED COMPANY
    * LATCH, INC - UPON CLOSING, LATCH'S COMMON STOCK IS
EXPECTED TO
TRADE ON NASDAQ UNDER TICKER SYMBOL "LTCH"
    * LATCH INC-  TRANSACTION VALUES COMPANY AT AN EQUITY VALUE
OF
$1.56 BILLION POST-MONEY
    * LATCH INC- CO'S PROVEN MANAGEMENT TEAM, LED BY CO-FOUNDER
AND
CEO LUKE SCHOENFELDER, WILL CONTINUE TO OPERATE AND MANAGE LATCH
FOLLOWING TRANSACTION
    * LATCH INC - ROB SPEYER, PRESIDENT & CEO OF TISHMAN SPEYER
& CEO
& CHAIRMAN OF TSIA, WILL JOIN CO'S BOARD OF DIRECTORS UPON
COMPLETION OF TRANSACTION
    * LATCH INC -  UPON COMPLETION OF TRANSACTION, LATCH EXPECTS
TO
HAVE UP TO $510 MILLION IN CASH, NET OF FEES AND EXPENSES TO
FUND GROWTH INITIATIVES
    * LATCH - DEAL SUPPORTED BY $190 MILLION PIPE AT
$10.00/SHARE FROM
INVESTORS, INCLUDING FUNDS, ACCOUNTS MANAGED BY BLACKROCK, D1
CAPITAL PARTNERS, OTHERS
    * LATCH INC - LATCH'S EXISTING EQUITY HOLDERS HAVE AGREED TO
CONVERT 100 PERCENT OF THEIR OWNERSHIP STAKES INTO NEW CO
    * LATCH INC - LATCH'S EXISTING EQUITY HOLDERS ARE EXPECTED
TO OWN
64 PERCENT OF PRO FORMA COMPANY AT CLOSE
    * LATCH INC - KEY PIPE INVESTORS INCLUDE DURABLE CAPITAL
PARTNERS
LP, FIDELITY MANAGEMENT & RESEARCH COMPANY , CHAMATH
PALIHAPITIYA AMONG OTHERS

Source text for Eikon:  ID:nPn1bSWWPa 
Further company coverage:  TSIA.O 

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