Latch, maker of the full-building enterprise software-as-a-service (SaaS) platform LatchOS, and TS Innovation Acquisitions today announced that they have entered into a definitive merger agreement.
The transaction values the Company at an equity value of $1.56 billion post-money. Upon closing, Latch’s common stock is expected to trade on the Nasdaq under LTCH.
The transaction consists of net proceeds from the SPAC’s cash held in trust of $300 million from its IPO last year and approximately $60 million of cash on Latch’s balance sheet. The transaction is further supported by a $190 million PIPE.
The SPAC was launched by real estate owner, developer, operator and investment manager Tishman Speyer Properties. Read more.
