TS Innovation Acquisitions Corp. (TSIA) Shareholders Approve Latch Deal

TS Innovation Acquisitions Corp. (NASDAQ:TSIA) announced in a press release this afternoon that its shareholders approved its combination with Latch at a special meeting earlier today.

Approximately 69% of shares participated in the meeting and 98% of these approved the business combination with Latch. The parties expect the transaction to close tomorrow June 4 with shares and warrants of the combined entity set to begin trading on the Nasdaq on June 7 under the symbols “LTCH” and “LTCHW”, respectively.

The release did not divulge redemption figures, but they were unlikely to have been high given that TS Innovation opened the day of its June 1 at $10.60, well above its pro rata trust value of $10.00.

TS Innovation and Latch initially announced their $1.05 billion deal on January 25. Latch provides software-as-a-service (SaaS) products for tenants and guests at hotels and buildings controlling connectivity, comfort and access.

ADVISORS

• Goldman Sachs is acting as exclusive financial advisor to Latch and acted as joint placement agent on the PIPE.
• Latham & Watkins LLP is acting as legal advisor to Latch. Allen & Company LLC and BofA Securities are acting as joint financial advisors to TSIA and also acted as joint lead placement agents on the PIPE.
• Sullivan & Cromwell is acting as legal advisor to TSIA