- WM Technology's co-founders withdraw their proposal to take the company private at $1.70 per share.
- The company’s Special Committee continues to explore potential alternative proposals.
- WM Technology (MAPS, Financial) remains focused on acting in the best interests of all its stockholders.
WM Technology, Inc. (MAPS), a prominent technology and software provider for the cannabis industry, has announced a significant update regarding its ownership structure. The Special Committee of the Board of Directors confirmed receiving a withdrawal of the non-binding proposal from co-founders Douglas Francis and Justin Hartfield to take the company private. The original proposal, put forth in December 2024, aimed at acquiring all outstanding common stock at $1.70 per share.
The co-founders cited unspecified external factors as the reason for retracting their offer. Despite this development, they are committed to investigating alternative transactions and may submit a different proposal in the future. However, there is no certainty that any subsequent offers will materialize or that any agreements will be reached.
To ensure prudent decision-making, the Special Committee is working closely with financial advisor Evercore Group L.L.C. and legal advisor Allen Overy Shearman Sterling US LLP. WM Technology, known for its Weedmaps platform, remains dedicated to serving the cannabis industry with innovative solutions while advocating for nationwide legalization and industry-wide equity.
As the situation develops, WM Technology's (MAPS, Financial) leadership remains vigilant in safeguarding shareholder interests and adapting to market opportunities, without promising further public updates until deemed necessary or legally obligated.
