TS Innovation Acquisition Corp. Stockholders Approve Business Combination with Latch, Inc.
Nasdaq Ticker Symbol to Become "LTCH" starting on June 7, 2021
NEW YORK, June 3, 2021 /PRNewswire/ -- TS Innovation Acquisitions Corp. (NASDAQ: TSIA), a special purpose acquisition company sponsored by an affiliate of leading global real estate developer, owner and investor Tishman Speyer, announced today that its stockholders have approved its business combination with Latch, Inc. (Latch), maker of the full-building enterprise software-as-a-service (SaaS) platform LatchOS.
At a special meeting of TSIA stockholders held today, approximately 98% of the votes cast, representing approximately 69% of TSIA's outstanding shares, approved the proposed business combination with Latch.
Following an anticipated closing on June 4, 2021, the combined company's common stock and warrants will be listed on the Nasdaq Global Select Market and will begin trading under the ticker symbols "LTCH" and "LTCHW", respectively, on June 7, 2021. Latch expects to receive $453 million in cash, net of fees and expenses to be funded in conjunction with the closing of the business combination, which includes $190 million from a previously-announced private placement.
The proceeds will be used to fund growth initiatives, including increasing the number of units on its platform, spreading to new geographies and expanding to additional asset classes. Latch recently announced the launch of LatchOS for Offices and Latch Visitor Express at Rockefeller Center, the Empire State Building and Brookfield Place. Latch recently reported strong operating and financing performance during the first quarter of 2021 with a sharp acceleration in bookings and net revenue.
"Our vision, from day one, has been to leverage Tishman Speyer's global real estate platform and investment expertise in support of an innovative technology company poised for exponential growth," said TSIA CEO and Chairman Rob Speyer, who also serves as the President and CEO of Tishman Speyer. "We are grateful to our stockholders for sharing our confidence in Latch's exceptional leadership team and differentiated business model. We look forward to continuing to serve as an accelerator, thought partner and incubator to Latch."
A Form 8-K disclosing the full voting results will be filed with the Securities and Exchange Commission on June 3, 2021.
About TS Innovation Acquisitions Corp.
About Latch, Inc.
About Tishman Speyer (www.tishmanspeyer.com)
This release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between Latch and TSIA, including statements regarding the benefits of the transaction, the anticipated timing of the transaction, the services offered by Latch and the markets in which it operates, and Latch's projected future results. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this release. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of TSIA's Registration Statement on Form S-1, the proxy statement/prospectus filed by TSIA with the SEC in connection with the business combination, and other documents filed by TSIA from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Latch and TSIA assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Latch nor TSIA gives any assurance that either Latch or TSIA will achieve its expectations. The inclusion of any statement in this communication does not constitute an admission by Latch or TSIA or any other person that the events or circumstances described in such statement are material.
SOURCE TS Innovation Acquisitions Corp.
Company Codes: NASDAQ-NMS:TSIA
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