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WM Technology, Inc. (NASDAQ:MAPS), a provider of prepackaged software services, disclosed today that it has received a warning from Nasdaq due to its share price falling below the minimum required bid price.
The company's Class A common stock has been closing below the $1.00 threshold for the last 30 consecutive business days, which does not meet the Nasdaq Global Market's continued listing standards.
The notification, received on Wednesday, October 9, 2024, does not immediately affect the company's listing, allowing its common stock to continue trading on The Nasdaq Global Select Market under the ticker "MAPS" for the time being.
To regain compliance, WM Technology has a 180-day period, until April 7, 2025, during which it must maintain a closing bid price of at least $1.00 for ten consecutive business days.
Should the company fail to meet the necessary bid price within this period, it may be eligible for an additional 180 days if it transitions to the Nasdaq Capital Market, provided it meets all other initial listing standards except for the minimum bid price.
WM Technology has expressed its intention to monitor its stock's closing bid price closely and evaluate possible measures to comply with Nasdaq's requirements. However, there is no guarantee that the company will achieve compliance within the given timeframe or that it will continue to satisfy other Nasdaq listing criteria.
This development is outlined in a Current Report on Form 8-K filed by the company, which also includes forward-looking statements regarding the company's plans to address the noncompliance issue. These statements are not guarantees of future performance and are subject to various risks and uncertainties.
The information presented here is based on the company's press release statement and SEC filings, providing a factual report without speculation or endorsement of potential outcomes.
In other recent news, WM Technology, the parent company of Weedmaps, has seen a flurry of activity. The company has added Glen Ibbott, a seasoned financial expert with extensive cannabis sector experience, to its Board of Directors. Ibbott's robust background in finance and his significant tenure as the Chief Financial Officer of Aurora Cannabis (NASDAQ:ACB) Inc. is expected to guide the company's expansion.
In addition, WM Technology announced the resignation of its Chief Technology Officer, Duncan Grazier, who will continue to serve in an advisory role. Meanwhile, the company's Executive Chair, Douglas Francis, was awarded a discretionary performance bonus of $835,000 for fiscal year 2023.
Furthermore, the company has agreed to a $1.5 million settlement with the Securities and Exchange Commission (SEC) following an investigation into the reporting of its monthly active users. This comes after WM Technology voluntarily reported the internal complaint and subsequent investigation to the SEC.
In governance news, the company's shareholders approved executive pay and elected directors during their recent annual meeting. In the meeting, Douglas Francis and Scott Gordon were elected as Class II Directors, and Moss Adams LLP was ratified as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024.
Finally, WM Technology is addressing Nasdaq compliance issues related to delays in filing required financial reports. The company is diligently working to finalize its financial statements and plans to file the annual report promptly, followed by the quarterly report. These are all recent developments within WM Technology.
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