TS Innovation Acquisitions $29.75M Stockholder Settlement

If you held shares of TS Innovation Acquisitions Corp. (TSIA) Class A common stock between May 11, 2021, and June 4, 2021, and did not redeem your shares in connection with the merger, you may be eligible to submit a claim for a benefit from a $29.75 million class action settlement.

TS Innovation Acquisitions Corp. has agreed to pay $29,750,000 to settle a class action lawsuit alleging breaches of fiduciary duties and other obligations owed to shareholders. The lawsuit stemmed from TSIA's merger with Latch Systems, Inc., which was finalized on June 4, 2021.

The plaintiffs alleged that TSIA and certain related defendants failed to act in the best interests of shareholders during the merger process, resulting in financial harm to investors.

Who is eligible for a class action payout?

Class members must meet the following criteria:

• You held TSIA Class A common stock immediately after the redemption deadline of June 1, 2021, at 5:00 pm EST.
• Your shares were not submitted for redemption in connection with the merger.
• You continuously held these eligible shares at any point between the close of business on May 11, 2021, and June 4, 2021.

How much is the stockholder settlement payment?

Class members have these options:

• Nominal Damages: Each eligible share held at the close of the market on June 1, 2021, will receive $0.10 per share. No claim form required.
• Additional Damages (Proof of Claim Required): Payment amount will be determined by the sale price and timing of your eligible shares after the merger:
• If your eligible shares were sold between June 4, 2021, and November 29, 2024 for less than $10.00 per share, you will receive the difference between $10.00 and the sale price per share.
• If you still held your eligible shares as of November 29, 2024, you will receive $9.83 per share.

How to claim a class action settlement payout

To receive an Additional Damages payment, which is the maximum potential recovery, class members must submit a claim form. You can file a claim online or print and mail a completed PDF claim form.

The Proof of Claim form must be submitted online or received by mail no later than July 14, 2025.

Settlement Administrator's mailing address: Latch Stockholder Settlement, c/o A.B. Data, Ltd., P.O. Box 173041, Milwaukee, WI 53217.

Is proof required to submit a claim?

Yes, claimants must provide documentation to verify shareholdings and transactions. Acceptable documentation includes brokerage statements, confirmation slips, or equivalent broker records showing your holdings and transactions of TSIA shares.

Payment options

• Paper check mailed to address provided
• Electronic payment

$29.75 Million stockholder class action settlement fund

The settlement fund of $29,750,000 includes

• Attorneys' fees and litigation expenses: $7,000,000
• Settlement administration costs: $750,000, or more
• Service award to plaintiffs: Up to $10,000 each
• Payments to class members: Remaining settlement balance after deductions

Important dates

• Fairness Hearing: March 27, 2025 (already held)
• Deadline to File a Claim: July 14, 2025

When is the Latch Stockholder Settlement payout date?

The final fairness hearing took place on March 27, 2025, but the court has not yet granted approval. Payments to valid class members will be issued after final approval is granted, the claim deadline passes, and claim review is complete.

Why was this class action lawsuit filed?

The class action lawsuit alleged that TS Innovation Acquisitions Corp. and its related defendants breached fiduciary duties during the merger with Latch Systems, Inc. Plaintiffs claimed that these breaches harmed shareholders financially.

The defendants deny all allegations of wrongdoing, however agreed to settle to avoid continued costly litigation.

Sources

1. Supplemental Corrected Notice of Claims Process and Plan of Allocation
2. Official Settlement Website: Latch Stockholder Settlement