Enterprise SaaS company Latch today announced that the SEC has declared effective the S-4 registration statement and proxy for the company’s business combination with TS Innovation Acquisitions. Latch also said that a majority of its stockholders have agreed to approve the business combination.
The SPAC’s shareholder vote is set for June 3.
The transaction values the combined company at $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.
