Latch to provide NYC apartment residents with WeWork membership subscriptions

Sep. 13, 2022 12:16 PM ETLatch, Inc. (LTCH), WEBy: Anuron Mitra, SA News Editor3 Comments

Latch (NASDAQ:LTCH), which makes an operating system for buildings called LatchOS, on Tuesday said it had entered into a partnership with workspace provider WeWork (NYSE:WE).
Under the collaboration, certain residents in New York City that live in Latch-enabled buildings will be provided with WeWork's monthly membership subscription called WeWork All Access, LTCH said in a statement.
The program will be available at select apartment buildings in New York City, with plans to expand throughout the metro area and, eventually, nationwide.
Latch (LTCH), through its operating system, connects building services and residents and allows apartment dwellers to perform actions such as unlock their spaces, access building amenities, control smart home devices and schedule deliveries.
Shares of LTCH initially jumped more than 20% in premarket hours, but pared all the gains and slipped into the red amid a broader market slump after trading started.
LTCH stock was last down 1.2% at $1.23 in mid-day trading, while class A shares of WeWork (WE) were -8% at $3.97.