WM Technology (MAPS) Faces Nasdaq Delisting Warning
Ticker: MAPSW · Form: 8-K · Filed: May 30, 2024 · CIK: 1779474
| Field | Detail |
|---|---|
| Company | Wm Technology, Inc. (MAPSW) |
| Form Type | 8-K |
| Filed Date | May 30, 2024 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.0001, $11.50 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, compliance, nasdaq
Related Tickers: MAPS
TL;DR
MAPS got a Nasdaq delisting warning, needs to fix it by Nov 26 or it's off the exchange.
AI Summary
WM Technology, Inc. (MAPS) announced on May 29, 2024, that it received a notice from the Nasdaq Stock Market indicating non-compliance with listing rules. The company has until November 26, 2024, to regain compliance.
Why It Matters
This filing signals potential delisting from Nasdaq, which could significantly impact the liquidity and valuation of WM Technology's stock.
Risk Assessment
Risk Level: high — A delisting warning from a major exchange like Nasdaq poses a significant risk to the company's stock trading and overall financial health.
Key Numbers
- November 26, 2024 — Compliance Deadline (The company has until this date to regain compliance with Nasdaq listing rules.)
Key Players & Entities
- WM TECHNOLOGY, INC. (company) — Registrant
- Nasdaq Stock Market (company) — Exchange issuing notice
- May 29, 2024 (date) — Date of earliest event reported
- November 26, 2024 (date) — Deadline to regain compliance
- Silver Spike Acquisition Corp. (company) — Former company name
FAQ
What specific Nasdaq listing rule(s) did WM Technology fail to meet?
The filing states the company received a notice indicating non-compliance with the Nasdaq Stock Market's listing rules, but does not specify which particular rules were violated.
What is the deadline for WM Technology to regain compliance with Nasdaq listing rules?
WM Technology has until November 26, 2024, to regain compliance with the Nasdaq Stock Market's listing rules.
What actions can WM Technology take to regain compliance?
The filing does not detail the specific actions WM Technology plans to take, but typically companies must meet the minimum bid price requirement or other relevant listing standards.
What happens if WM Technology fails to regain compliance by the deadline?
If WM Technology fails to regain compliance by November 26, 2024, its securities may be subject to delisting from the Nasdaq Stock Market.
Was WM Technology previously known by another name?
Yes, WM Technology, Inc. was formerly known as Silver Spike Acquisition Corp., with a name change date of June 11, 2019.
Filing Stats: 599 words · 2 min read · ~2 pages · Grade level 12.4 · Accepted 2024-05-30 16:25:41
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-20240529.htm (8-K) — 28KB
- 0001779474-24-000029.txt ( ) — 187KB
- maps-20240529.xsd (EX-101.SCH) — 2KB
- maps-20240529_def.xml (EX-101.DEF) — 15KB
- maps-20240529_lab.xml (EX-101.LAB) — 26KB
- maps-20240529_pre.xml (EX-101.PRE) — 16KB
- maps-20240529_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 As previously reported, on April 2, 2024, WM Technology, Inc. (the "Company") received a 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 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 "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 also previously reported, on May 14, 2024, the Company received an additional notice from the Staff 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, the Company remained out of compliance with the Rule. On May 29, 2024, the Company received a letter from the Staff (the "Compliance Notice") notifying the Company that, based on the May 24, 2024 filing of the Annual Report and Quarterly Report, the Staff has determined that the Company has regained compliance with the Rule and that the matter is now closed. 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 30, 2024 WM TECHNOLOGY, INC. By: /s/ Susan Echard Susan Echard Interim Chief Financial Officer