Latch Notifies Nasdaq That It Does Not Anticipate Meeting Delinquent Filing Deadline
Portfolio Pulse from Happy Mohamed
Latch, Inc. (NASDAQ:LTCH) has informed Nasdaq that it does not expect to meet its August 4, 2023 deadline for regaining compliance with its periodic filing obligations due to delays in restating its historical financial statements. As a result, Latch anticipates a delisting determination from Nasdaq and a suspension of its securities from trading on Nasdaq. The company expects its securities to be traded on the OTC Expert Market following the suspension. Latch has also commenced a reduction in force of approximately 59% of its full-time employees.
August 04, 2023 | 10:33 am
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Latch, Inc. anticipates delisting from Nasdaq due to failure to meet filing obligations. The company's securities are expected to be traded on the OTC Expert Market following the suspension. Latch has also commenced a workforce reduction of approximately 59%.
The news of Latch's anticipated delisting from Nasdaq due to failure to meet filing obligations is directly relevant and highly important to the company. The delisting and subsequent trading on the OTC Expert Market could negatively impact the company's stock price in the short term. Additionally, the company's decision to reduce its workforce by approximately 59% could also have a negative impact on its stock price.
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