WM Technology, Inc. Announces Notification of Delinquency with Nasdaq

Published: May 23, 2024

WM Technology, Inc. Announces Notification of Delinquency with Nasdaq

WM Technology, Inc. received an expected delinquency notification letter from Nasdaq’s Listing Qualifications Department on May 14, 2024 which indicated that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) as a result of the Company’s failure to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (“Quarterly Report”) and its continued delay in filing its Annual Report on Form 10-K for the year ended December 31, 2023. The Listing Rule requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the “SEC”). This notification has no immediate effect on the listing of the Company’s securities on Nasdaq.

As described in the Company’s Form 12b-25 Notification of Late Filing filed on May 13, 2024, the delay in filing the Company’s Quarterly Report is due to a recent change in the Company’s executive finance leadership and corresponding delay in the preparation of the Company’s financial statements to be included in the Annual Report. The Company has been focusing its efforts and resources on completing its Annual Report, which has delayed the completion of the Quarterly Report.

As disclosed in the Company’s Current Report on Form 8-K, filed on April 8, 2024, the Company received a previous delinquency notification (the “Initial Notice”) from the Listing Qualifications Department of Nasdaq advising that due to the failure to timely file its Annual Report, the Company is not in compliance with the Listing Rule. In the Initial Notice, Nasdaq provided the Company 60 days, or until June 3, 2024, to submit a plan (the “Plan”) to address how it intends to regain compliance with the Listing Rule. If accepted, Nasdaq can grant an exception of up to 180 calendar days from the original due date of the Annual Report, or until September 30, 2024, to regain compliance.

The Company will file the Annual Report as soon as practicable and anticipates that it will be filed prior to the date on which the Company is required to submit the Plan; however, if it is not filed by such date, the Company will instead submit the Plan. The Company is working to expeditiously complete the preparation of its financial statements and file the Annual Report and Quarterly Report as soon as reasonably possible. The Company plans to file the Quarterly Report as soon as practicable following the completion and filing of the Annual Report.

About WM Technology
Founded in 2008, WM Technology operates Weedmaps, a leading cannabis marketplace for consumers, as well as a broad set of eCommerce and compliance software solutions for cannabis businesses and brands in U.S. state-legal markets. WM Technology holds a strong belief in the power of cannabis and the importance of enabling safe, legal access to consumers worldwide. Headquartered in Irvine, California, WM Technology supports remote and hybrid work for eligible employees. Visit us at www.weedmaps.com.