Building operating system and devices maker Latch Inc. received an expected notice from the hearings panel of The Nasdaq Stock Market LLC stating that the panel determined to suspend trading of the company’s securities on August 10, 2023 and commence delisting procedures because of the company’s failure to meet the August 4, 2023 deadline to regain compliance with its periodic filing obligations. Once the suspension takes effect, Latch expects that its securities will be traded on the OTC Expert Market.
The company was unable to meet the deadline due to unexpected delays in the ongoing restatement of its historical financial statements. Latch said that it continues to work toward completing the restatement and filing its delinquent reports as soon as practicable.
The transition to the OTC markets will not change Latch’s planned strategic measures, including a 59% reduction in its full-time workforce, the company said.
Jamie Siminoff and Dave Lillis are expected to be appointed as the company’s chief executive Officer and chief financial Officer, respectively, later this year.
