T.S. Innovation Acquisition Corp. (NASDAQ: TSIAU) stock is up 43% to reach $16.26 during the regular session. The Company, with a Market Capitalization of 309.3M, has a three-monthly average volume of 186,479.
Corporate profile
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T.S. Innovation Acquisition Corp. (NASDAQ: TSIAU), a Delaware corporation, is a company that operates as a blank-check company and is engaged in the pursuit of business combinations, including mergers, joint ventures, asset purchases, stock purchases, reorganizations, etc. Tishman Speyer Properties, L.P., which operates in 28 key markets in the United States, Europe, Asia, and Latin America, is a leading owner, developer, operator and investment manager of first-class real estate.
What Happened
A definitive merger agreement was announced between Latch, Inc. and T.S. Innovation Acquisition Corp. (NASDAQ: TSIAU). As a result of the merger agreement, Latch will become a publicly-traded company. With the closing of this transaction, Latch is valued at more than $1.56 billion in post-money equity. The common stock is expected to trade under the ticker symbol “LTCH” on NASDAQ.
The Latch was founded in 2014 and offered SaaS solutions that make spaces better places to live, work and visit. Latch has partnered with many of the country’s largest property owners and investors, including Tishman Speyer, Brookfield, and others. With Latch, one in ten new multifamily apartment complexes in the United States built in 2019 was Latch-built apartments.
Luke Schoenfelder, the co-founder, and CEO of Latch, will continue to lead the Company following the transaction. Following the transaction’s completion, Rob Speyer, CEO and Chairman of Tishman Speyer will join the Company’s board of directors.
Latch expects that it will generate approximately $510 million in cash, net of transaction fees and expenses, to fund its growth initiatives, including the expansion of its product portfolio and the development of its global network.
A unanimous vote of TSIA’s board of directors has approved the transaction. The transaction is expected to be completed in the second quarter of 2021, with approval by TSIA’s shareholders and other customary closing conditions, including any required regulatory approvals.
Summary
Stocks often surge when mergers and acquisitions occur, and today is another example of what such deals can do for the stock.