Latch, Inc. (NASDAQ:LTCH) (the “Company”), maker of LatchOS, the full-building enterprise software-as-a-service (SaaS) platform, today announced that on November 14, 2022, it received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it did not comply with Nasdaq’s Listing Rule 5250(c)(1) (the “Rule”) for continued listing because the Company had not filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (the “Third Quarter Form 10-Q”) by the required due date.
The Company previously disclosed its inability to timely file the Third Quarter Form 10-Q in its Notification of Late Filing on Form 12b-25 filed with the Securities and Exchange Commission on November 10, 2022.
Following the Company’s failure to file the Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (the “Second Quarter Form 10-Q” and, together with the Third Quarter Form 10-Q, the “Quarterly Reports”), the Company submitted a plan (the “Compliance Plan”) to regain compliance with the Rule, and Nasdaq granted the Company an exception until February 6, 2023 to file both Quarterly Reports.
As a result of the Company’s failure to file the Third Quarter Form 10-Q, Nasdaq informed the Company that it has until November 28, 2022 to submit an update to the Compliance Plan.
The notice received from Nasdaq has no immediate effect on the listing or trading of the Company’s shares of common stock or warrants. However, if the Company fails to timely regain compliance with the Rule, the Company’s shares of common stock will be subject to delisting from Nasdaq.
The Company intends to file the Quarterly Reports as soon as practicable.
