WM Technology Faces Delisting Concerns

TL;DR

WM Tech might get delisted, filing shows.

AI Summary

WM Technology, Inc. (formerly Silver Spike Acquisition Corp.) filed an 8-K on May 17, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule. The company, incorporated in Delaware, is based in Irvine, California, and its fiscal year ends on December 31st. The filing also includes Regulation FD disclosures and financial statements/exhibits.

Why It Matters

This filing indicates potential issues with WM Technology's continued listing on an exchange, which could significantly impact its stock trading and investor confidence.

Risk Assessment

Risk Level: high — A notice of delisting or failure to meet listing standards poses a significant risk to the company's market presence and investor confidence.

Key Players & Entities

• WM TECHNOLOGY, INC. (company) — Registrant
• Silver Spike Acquisition Corp. (company) — Former company name
• May 14, 2024 (date) — Earliest event reported
• May 17, 2024 (date) — Filing date
• Irvine, California (location) — Principal executive offices

FAQ

Key Financial Figures

• $0.0001 — which registered Class A Common Stock, $0.0001 par value per share MAPS The Nasdaq Gl
• $11.50 — A Common Stock at an exercise price of $11.50 per share MAPSW The Nasdaq Global Sel

Filing Documents

• maps-20240514.htm (8-K) — 38KB
• wmtechnologyincdelinquency.htm (EX-99.1) — 12KB
• wmtlogo.jpg (GRAPHIC) — 15KB
• 0001779474-24-000013.txt ( ) — 236KB
• maps-20240514.xsd (EX-101.SCH) — 2KB
• maps-20240514_def.xml (EX-101.DEF) — 15KB
• maps-20240514_lab.xml (EX-101.LAB) — 26KB
• maps-20240514_pre.xml (EX-101.PRE) — 16KB
• maps-20240514_htm.xml (XML) — 4KB

01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing On May 14, 2024, WM Technology, Inc. (the "Company") received a notice (the "Notice") from the Listing Qualifications Department (the "Staff") of the Nasdaq Stock Market ("Nasdaq"), which indicated that, as a result of the Company's delay in filing its Quarterly Report on Form 10-Q for the period ended March 31, 2024 (the "Quarterly Report") and its continued delay in filing its Annual Report on Form 10-K for the year ended December 31, 2023 (the "Annual Report"), the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule"), which requires Nasdaq-listed companies to timely file all required periodic financial reports with the U.S. Securities and Exchange Commission (the "SEC"). As previously disclosed in the Company's Current Report on Form 8-K filed on April 8, 2024, the Company received a separate delinquency notification (the "Initial Notice") from the Staff of Nasdaq advising the Company 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 regain compliance with the Listing Rule. If Nasdaq accepts the Company's plan to regain compliance, then Nasdaq may grant the Company up to 180 calendar days from the prescribed due date of its Annual Report, or until September 30, 2024, to file its Annual Report to regain compliance. The Company will file its Annual Report as soon as practicable and anticipates that its Annual Report will be filed prior to the date on which the Company is required to submit the Plan; however, if its Annual Report is not filed by such date, the Company will instead submit the Plan. The Notice has no immediate effect on the listing of the Company's securities on Nasdaq. The Company continues to work diligently to complete the pr

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure On May 17, 2024, the Company issued a press release in accordance with Nasdaq Listing Rule 5810(b) announcing that the Company had received the Notice. A copy of the press release is attached hereto as Exhibit 99.1. The information set forth in this Item 7.01 and Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section. The information in this Item 7.01 and Exhibit 99.1 attached hereto, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as expressly set forth by specific reference in such a filing to this Current Report on Form 8-K.

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act, about the Company that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Current Report on Form 8-K are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "intend," "may," "plan," "should," "will," or the negative of these words or other similar terms or expressions. Forward-looking statements in this Current Report on Form 8-K include, but are not limited to, statements regarding the Company's ability to complete the filing of the Annual Report and Quarterly Report within a specific time period and to regain compliance with the Listing Rule, Nasdaq granting the Company any relief to regain compliance, and whether the Company can ultimately meet applicable Nasdaq requirements for any such relief. The forward-looking statements contained in this report are based on management's current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's control. Important factors that could cause the Company's actual results to differ materially from those indicated in the forward-looking statements are more fully discussed in the Company's periodic filings with the SEC, including the risk factors described under the heading "Risk Factors" in the Company's annual report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 16, 2023, and other documents subsequently filed with the SEC. The forward-looking statements in this Current Report on Form 8-K are based upon information available to the Company as of the date of this Current Report on Form 8-K, and while the Company believes such information forms a

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits (d) Exhibits. The following exhibits are filed with this Current Report on Form 8-K: No. Description of Exhibits 99.1 Press Release dated May 17 , 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: May 17, 2024 WM TECHNOLOGY, INC. By: /s/ Susan Echard Susan Echard Interim Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR