WM Technology Faces Delisting Concerns

TL;DR

MAPS is on the verge of being delisted, big trouble for shareholders.

AI Summary

WM Technology, Inc. (ticker: MAPS) filed an 8-K on October 11, 2024, to report a notice of delisting or failure to satisfy a continued listing rule. The company was formerly known as Silver Spike Acquisition Corp. and changed its name on June 11, 2019. The filing indicates potential issues with its continued listing on the stock exchange.

Why It Matters

This filing signals potential financial distress or non-compliance with exchange rules, which could lead to the stock being removed from trading, impacting investors.

Risk Assessment

Risk Level: high — A notice of delisting directly threatens the company's ability to remain publicly traded, posing a significant risk to investors.

Key Players & Entities

• WM TECHNOLOGY, INC. (company) — Registrant
• Silver Spike Acquisition Corp. (company) — Former company name
• October 9, 2024 (date) — Date of earliest event reported
• October 11, 2024 (date) — Filing date
• 41 Discovery Irvine, California 92618 (address) — 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
• $1.00 — r share (the "Common Stock"), was below $1.00 per share, which is the minimum closing

Filing Documents

• maps-20241009.htm (8-K) — 34KB
• 0001779474-24-000055.txt ( ) — 195KB
• maps-20241009.xsd (EX-101.SCH) — 2KB
• maps-20241009_def.xml (EX-101.DEF) — 15KB
• maps-20241009_lab.xml (EX-101.LAB) — 26KB
• maps-20241009_pre.xml (EX-101.PRE) — 16KB
• maps-20241009_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 October 9, 2024, WM Technology, Inc. (the "Company") received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, for the last 30 consecutive business days, the closing bid price for the Company's Class A common stock, par value $0.0001 per share (the "Common Stock"), was below $1.00 per share, which is the minimum closing bid price required for continued listing on the Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(a)(1) (the "Notice"). This Notice is a notice of deficiency, not delisting, and has no immediate effect on the listing of the Company's Common Stock, and the Company's Common Stock will continue to trade on The Nasdaq Global Select Market under the symbol "MAPS" at this time, subject to the Company's compliance with the other Nasdaq listing requirements. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company is provided a compliance period of 180 calendar days from the date of the Notice, or until April 7, 2025, to regain compliance with the minimum closing bid price requirement. If at any time during the 180-calendar day grace period, the closing bid price of the Company's Common Stock is at least $1.00 per share for a minimum of ten consecutive business days (unless the Nasdaq staff exercises its discretion to extend this ten business day period pursuant to Nasdaq Listing Rule 5810(c)(3)(H)), Nasdaq will provide the Company written confirmation of compliance, and the matter will be closed. If the Company does not regain compliance during the compliance period, the Company may be provided a second 180 calendar day period to regain compliance if it applies to transfer the listing of the Company's Common Stock to the Nasdaq Capital Market. To qualify, the Company must meet the continued listing requirement for market value of publicly-held shares

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 of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, 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 intent or ability to regain compliance with Nasdaq's minimum bid price requirement, including initiating a reverse stock split, Nasdaq granting the Company any relief from delisting as necessary, 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 Securities and Exchange Commission ("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, 2023 filed with the SEC on May 24, 2024, 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 Re

View Full Filing

View this 8-K filing on SEC EDGAR