
WM Technology Receives Proposal for Potential Take-Private Transaction
WM Technology, Inc. (“WM Technology” or the “Company”) (Nasdaq: MAPS), a prominent provider of technology and software solutions for the cannabis industry, has confirmed receipt of a non-binding proposal from its co-founders, Douglas Francis and Justin Hartfield. The proposal, dated December 17, 2024, outlines their intention to acquire all outstanding common stock (Class A and Class V) of WM Technology not already owned by them. Together, the two co-founders currently control approximately 32% of the Company’s common stock.
Proposal Details
Under the terms of the proposal, Messrs. Francis and Hartfield have offered to purchase the remaining shares of WM Technology at a price of $1.70 per share. This proposed transaction is subject to certain conditions and due diligence. The full text of the proposal is attached as Annex A to the official release.
The proposal highlights the co-founders’ commitment to the Company and their belief in its long-term potential. By taking WM Technology private, they aim to streamline operations and focus on strategic growth without the pressures of being a publicly traded entity.
Board’s Response and Special Committee Formation
In response to the proposal, WM Technology’s Board of Directors has established a special committee composed of independent and disinterested directors. The committee is tasked with evaluating the offer to ensure it aligns with the best interests of all stakeholders, including stockholders and employees.
To facilitate an impartial review process, the special committee has engaged leading financial and legal advisors. Evercore Group L.L.C. will serve as the independent financial advisor, while Allen Overy Shearman Sterling US LLP will provide independent legal counsel.
Next Steps
The special committee will thoroughly assess the proposal, working closely with its advisors to evaluate its merits and potential impact on WM Technology. The Company has made it clear that there is no guarantee the proposed transaction or any alternative deal will be finalized. Furthermore, no definitive agreement has been reached at this stage.
WM Technology has stated that it will not make additional comments or disclose further updates unless deemed necessary or legally required. For now, no action is required from stockholders regarding the proposal.
About WM Technology
Established in 2008, WM Technology is a leading force in the cannabis industry, operating Weedmaps, a premier cannabis marketplace. The Company also offers a suite of eCommerce and compliance software solutions tailored to the needs of cannabis businesses operating in U.S. state-legal markets.
Weedmaps has grown into a trusted platform for cannabis consumers, offering tools to discover products, access dispensary deals, pre-order for pick-up or delivery (where applicable), and explore educational content about cannabis. Its user-friendly interface and robust features have made it a go-to destination for cannabis enthusiasts seeking safe and legal access to products.
In addition to its marketplace, WM Technology provides cannabis retailers and brands with eCommerce solutions designed to optimize business efficiency, enhance consumer reach, and maintain compliance with complex regulations.
Advocacy and Vision
WM Technology is deeply committed to advocating for the cannabis industry, focusing on three key areas:
- Full U.S. Legalization: Supporting efforts to make cannabis legal nationwide to provide safer and broader access.
- Social Equity: Championing diversity and inclusion within the industry through strategic initiatives and partnerships.
- Education: Promoting informed consumption through partnerships with cannabis experts and thought leaders.
The Company is steadfast in its belief in cannabis’ potential to improve lives and remains dedicated to enabling safe and legal access worldwide.
Work Environment and Accessibility
Headquartered in Irvine, California, WM Technology fosters a flexible work environment, supporting both remote and hybrid models for eligible employees. Its inclusive workplace culture reflects the Company’s forward-thinking ethos and its commitment to innovation and growth in the cannabis sector.
For more information, visit www.weedmaps.com.
This revised version balances detail with clarity, while staying within the 650-word limit. It emphasizes key elements of the proposal, the Company’s response, and its ongoing contributions to the cannabis industry.