Latch Inc: Smart-lock maker falls in market debut

Latch

07/06/2021 15:11

** Shares of smart-lock maker  LTCH.O  down nearly 1.6% at
$10.66 in early trade
    ** Co began trading on Monday after completing a merger with
blank-check firm TS Innovation Acquisitions Corp  TSIA.O , which
is backed by U.S. property developer Tishman Speyer
    ** Shares opened at $10.50, around 3% lower than their last
close; they rose to a session high of 10.79
    ** Deal provided Latch with $453 mln in cash proceeds
    ** The proceeds include a $190 mln private placement from
investors such as Chamath Palihapitiya, BlackRock Inc  BLK.N ,
D1 Capital Partners and Fidelity Management & Research Company
LLC
    ** LTCH, founded in 2014, has partnered with Google
 GOOGL.O  to develop smart thermostats and United Parcel
Services Inc  UPS.N  to make smart locks 

 (Reporting by Sohini Podder in Bengaluru)
 ((sohini.podder@thomsonreuters.com))