Embattled Latch Rebranding To Door.com

Published Sep 06, 2023 13:58 PM

After facing a 90% decline in its stock price, de-listing from the NASDAQ, and lawsuits from investors, Latch announced it will rebrand itself as Door.com as part of soon-to-be-CEO Jamie Siminoff's plan to reinvent the company as a hub for digital tools for service professionals.

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In this post, we examine the company's announcement, market reaction, the unusual timing of the announcement, and what the change means for the future of Latch's legacy business, which will continue as a distinct brand under the Door.com umbrella.

Background

Overview ** *** ****

** ********* ** *** *******’***** *******, *** ******* ******* * ************* Latch’s ******* ***** ******** ** *** part ** * ****** ** ********* that ***** ** ******* ** *********** service ************* **** ** *** ******* and ***** ********. *** ******* ******** one ** *** *********, ** *** for ***** ******* *** ****** ****** James, ** ********** **** *** ************.

** ******* ******* ** *** *****, Siminoff’s ***** ******* **** ***** ******** Officer ** ***** ******* ** ***** to ****** ***** “*** ***** ** the ******* *** ******* ** **** be ********* ** ********** ** *** Honest ***’* ******," * *********** *** Latch **** ****.

******** ** **** ******** ** ****** Latch’s **** *** ** *** ****** months. *** **** ******* ****** *** company ***** ** *********** ** *** nascent *******, ****** ***’* ****, ***** was ********* ** ****. *** **** was ****** ** * ****-****** ****** for *****, ***** *** ********* **** disclosures ** ********** ********, ********* **** the ******, ******** **** *********, *** layoffs.

Launch ****** *** ****

*** ******* **** *** ******* **** take ****** ** ****. ** *** announcement ****** ******.***, *** ******* ****:

******* *** ********** ** *** ****** control ********, *** ******* **** ***** the ****** ***’* ******—*** *******, ******** manager, **********, ******, *** **-**** ******* provider—that ***** *** ***** ******* ********.

*** ************ *********:

*** ******* ***** **maintain *** ***** ** *** **** ****** ******* ******** ***** *** ***** *****, while launching additional brands under the Door.com umbrella to create * ******** **** *********** *** ***** ******* ********* **** **** *** ***** ** *****. The new Door.com brand is expected to officially launch in 2024. [Emphasis *****.]

Signs ** ****** ************

********* ******** *** ******* ********* ************, involving **** ****** *****, ********* ******** planning, ****** ***********, *********** ** ******* content, *** ** ********. ***** *** factors ***** *** ****.*** ************ **** suggest ** *** ******** ****** ** atypically ***** *********.

** ** ******* **** * ******* would ** ******** ** *** ****** before *** ** *** ********, **** as ************* ******* *******, **** *********.

*********, ****.*** ******** ******* ***********. ** comprises **** * ******* **** **** a ***-********* ******* **** ********, * few ****** (*** ** ***** **** was **** ** ******* **** ***** photos **** ********* ** *** ********), and ***** ** *** ******* ************, the ***** *******, *** * ******* for *** ***** ***.

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*** ******* **** ******** ******:

** ****.***, ** *** **** ** serve *** ****** ***’* ******. ***** are *** ******** *** ***** ********* of ******** ******** **** *******, **************, cleaning, *** *******, ***.The ****** ***’* ****** ******** ********** *** ******** **** ***** **** ** ******* *** **** **** ** ***** ********** ** ***** *** ********* ***** ******* *** **** ******** ******* **** ***** **** ****. At Door.com, we are proud to wake up every day to fight, build, and invent for our Honest Day’s Worker! [Emphasis *****.]

**** ***** ***** ******* *** ************ was **** ** ** *********** **** schedule, * ***** ************ ****: “*** company ***** ** ****** *** **** Door.com ***** ** ****, *** ** excited ** ***** *** *** ****** with *** ***** ***.”

*******, *** ************ *** *** ******* to ********* ***** *** *** ************ was **** ****** ****** *** ******* launch ** *** *** *****.

Testimonials *******

** ****. *, ********** *** *** ***** ***, ***** **** *** *** ***** users ** ****** *** ********* *******, also ********* *** ************ **** ** stock ******. *** ** *** ***** photos, * ******** ** * *****, additionally ******* ******* ******* ** *** welcome **** *** ****.***. **** *** able ** ******* *** ****** **** stock ****** ***** * ****** ***** search.

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** **********, *** *****’* ******** ******* on ** ***** ** ********* ********, including * ******** ******** ********.

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* *********** *** ***** *** *** reply ** ****’* ******** ** ****. 5 ***** ******* *** ***** *** testimonials **** ****. *** **** *** not ***** ** ********* ***** *** stock ******. ** **** *, **** IPVM ******* *** ******* *** *** James *** *****, *** ************ **** removed.

Market ********

********* ******* ** *** *** ****** Market, *****'* ***** ***** ******* ** $0.79 *** ***** ** *** ***** of ******* ** ****. *, ****, down * ***** **** *** ******** day's *****.

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*** ******* *** **** ***** ** turmoil ******* ** *********** ** ******** with *** ******* *********** *********, ***** has *** ** ******** **** ********* and ** ******* ****** ** ******* its ******** ********* ***********. *** ******* was ******** **** *** ****** ** Aug. **, ****, ***** ******* ** meet ********* *** ********** *********** ** the *.*. ********** *** ******** ********** since ** ****. *** ***** ***** had **** ******* **** *** ***** of ~$** *** ***** **** ** went ****** ******* * **** **** in ****.

*** **** **** ********'* ****** ***'* Work ******** * ***** *** * turnaround *** *****. *** *******'* ******** CEO *** **-*******, **** ************ ******* down ** ******* **** ***** **** interim ***** ********* ******* ***** ********* and ***** ********** ******* ***** ********.

***** *** **** *** ********* ** July, *** ***** **** ** **** as $*.** ****** ******** ***** $* again.

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Door.com *******

****.*** *** ******** *** ********* **** and ******* *** * ******-***** ****-*** real ****** ******* **** ********* ** 2020,********* ** *** ****** ******** *******. *** ****** *** *** **** from **** ******* ** ***** **** 9, ****, ********* ** ********* ******** by *** ******** *******.

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** * *****, ******, ****-**-******** ******* address, ****.*** ** ****** ** **** sold *** ******** ** ********* ** dollars ** ****, ***** ** ******** for ******* *******. *** *******, ********.*** is *********** ********* *** * ******* bid ** $***,***, ********* ** *******.***.

*** ******* ********** ** *** ***-**** posting *** ****.*** ** *** * domain ****** ***** ***** *******, *** says ** *** "************ ** **** of ******** ** ******* ** ****** transactions."

James ****** ***

*** ***** ****** *** ** ******** to ***** ****** ** ******** ******** hired ******* **** **** **** ** order ** ******* * **** ********** for **** *******. *** *** ** available *** ******** ** ***********, *** it **** *** ***** ***** ** search *** *******. **** ********** *** app, *** **** ** ******* *** button *** “**** ***,” ** **** taken ** * ****** *** ********** support *******. ***** *** ** ****** for ******* * ******.

**** ***** ******* *** ***** *** is *********** *** ** **, **** cities ** ******** **, * *********** for ***** ****: “******* *** ******** the *** *** ***** ***** ** code **** ********** ******.”

*** ***** *** **** **** *** interact **** *****’* ****** ******* ***** technology, *** ****. *******, “*** ****-**** vision ** *** *** ******* ********* to ********* **** ***** ****** ******* to ****** ** ********* **** ******** everyone,” *** ****.

Outlook *** *****

*********** *** ******* **** *** ***** name *******, ************* *** ******* ***** a *** ****, *** ***, *** new ***** ** ****** * **** decision. *******, *** ****** ************ ******** there ***** ** **** ****** ******** behind *** ****** **** **** *** already **** *********. ******* *** **** news ***** ** ******** *** ** used ** * ******** *** ******* ahead ** *** *********** **** *** news.

Comments (3)
JH
John Honovich
Sep 06, 2023
IPVM

*****'* ******* **"** *******" **** ** ***** ********* so ********** **** ***** ** *** forced ***, *** *** *** ******** eliminates *** ***** *****:

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* ** ***** **** ** *** right **** ** ********. ******* ** all ***** *** ******* ** ** seen.

(1)
(1)
U
Undisclosed #1
Sep 19, 2023

******** ** *** ******* *****'* *** HQ *** ****** ** ** **. Louis, *** ****** **** *******. ****** like *****'** ** ******* **** ** revive ** **** ****. ******* ****** appears ** ** ****** **** **** using ***** ** *** ******.

JH
John Honovich
Sep 19, 2023
IPVM