Embattled Latch Rebranding To Door.com
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.
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
- Latch 2023 Turnaround And Financials Analyzed
- Latch Lays Off 59% More Employees As Ex-Ring Founder Takes Over
- Ring Founder Taking Over Latch (Latch / HDW Merger)
- Latch's Broken Business Model Analyzed
- Latch Founder / CEO Is Forced Out, More Layoffs
- Latch, CEO, and CFO Sued; Alleges Fraud
- 3rd Lawsuit Filed Against Latch / Executives
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 *** ***** ***.
*** ******* **** ******** ******:
** ****.***, ** *** **** ** 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.
** **********, *** *****’* ******** ******* on ** ***** ** ********* ********, including * ******** ******** ********.
* *********** *** ***** *** *** reply ** ****’* ******** ** ****. 5 ***** ******* *** ***** *** testimonials **** ****. *** **** *** not ***** ** ********* ***** *** stock ******. ** **** *, **** IPVM ******* *** ******* *** *** James *** *****, *** ************ **** removed.
Market ********
********* ******* ** *** *** ****** Market, *****'* ***** ***** ******* ** $0.79 *** ***** ** *** ***** of ******* ** ****. *, ****, down * ***** **** *** ******** day's *****.
*** ******* *** **** ***** ** turmoil ******* ** *********** ** ******** with *** ******* *********** *********, ***** has *** ** ******** **** ********* and ** ******* ****** ** ******* its ******** ********* ***********. *** ******* was ******** **** *** ****** ** Aug. **, ****, ***** ******* ** meet ********* *** ********** *********** ** the *.*. ********** *** ******** ********** since ** ****. *** ***** ***** had **** ******* **** *** ***** of ~$** *** ***** **** ** went ****** ******* * **** **** in ****.
*** **** **** ********'* ****** ***'* Work ******** * ***** *** * turnaround *** *****. *** *******'* ******** CEO *** **-*******, **** ************ ******* down ** ******* **** ***** **** interim ***** ********* ******* ***** ********* and ***** ********** ******* ***** ********.
***** *** **** *** ********* ** July, *** ***** **** ** **** as $*.** ****** ******** ***** $* again.
Door.com *******
****.*** *** ******** *** ********* **** and ******* *** * ******-***** ****-*** real ****** ******* **** ********* ** 2020,********* ** *** ****** ******** *******. *** ****** *** *** **** from **** ******* ** ***** **** 9, ****, ********* ** ********* ******** by *** ******** *******.
** * *****, ******, ****-**-******** ******* 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.
******** ** *** ******* *****'* *** HQ *** ****** ** ** **. Louis, *** ****** **** *******. ****** like *****'** ** ******* **** ** revive ** **** ****. ******* ****** appears ** ** ****** **** **** using ***** ** *** ******.
#*, ******, ****'* ***** ** * Latch ***** ******* **************://***.************.***/****/****/**************/**/*****-****-**-**-****.***-*********-***-*****-******-****-************-********-****-**-****-**-**.-*****
**** *** **** ** *** ***** for **** ****, *.*. **** *****,***** ******* ** *** ** *****
*****'* ******* **"** *******" **** ** ***** ********* so ********** **** ***** ** *** forced ***, *** *** *** ******** eliminates *** ***** *****:
* ** ***** **** ** *** right **** ** ********. ******* ** all ***** *** ******* ** ** seen.