Latch, Inc. (OTCPK:LTCH) entered into an agreement to acquire HelloTech, Inc. on June 21, 2024. The transaction is expected to close in the third quarter of 2024. HelloTech will continue to operate as a subsidiary of Latch. Latch, Inc. As consideration for the Merger, the Company, assumed HelloTech?s outstanding borrowings under its existing term loan with its commercial bank and paid $2.5 million of HelloTech?s Merger-related expenses. HelloTech?s stockholders or other equity holders did not receive any consideration in connection with the Merger. As of June 21, 2024, HelloTech?s outstanding borrowings under its existing term loan with the Bank were approximately $6.9 million. However, the Bank agreed to forgive approximately $0.9 million in outstanding borrowings owed by HelloTech under its existing term loan. Bryan Cave Leighton Paisner LLP acted as a legal advisor to Latch, Inc. (OTCPK:LTCH) and Stubbs Alderton & Markiles LLP acted as a legal advisor to HelloTech, Inc.

Latch, Inc. (OTCPK:LTCH) completed the acquisition of HelloTech, Inc. July 1, 2024.