WM Technology CFO Departs, Interim Appointed

TL;DR

CFO Rick Smith out at WM Tech, Mike Lazarev steps in as interim. Big changes brewing?

AI Summary

On November 27, 2024, WM Technology, Inc. announced the departure of its Chief Financial Officer, Richard (Rick) Smith. The company also appointed Michael (Mike) Lazarev as the interim CFO. Additionally, the company entered into a material definitive agreement related to its financial operations.

Why It Matters

A change in CFO can signal shifts in financial strategy or operational challenges, potentially impacting investor confidence and the company's financial performance.

Risk Assessment

Risk Level: medium — A CFO departure and interim appointment can create uncertainty regarding financial leadership and future strategy.

Key Players & Entities

• WM TECHNOLOGY, INC. (company) — Registrant
• Richard (Rick) Smith (person) — Departing Chief Financial Officer
• Michael (Mike) Lazarev (person) — Interim Chief Financial Officer
• November 27, 2024 (date) — Date of earliest event reported

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
• $400,000 — to receive (i) an annual base salary of $400,000, (ii) an annual target bonus equal to 5
• $25,000 — l base salary, (iii) a signing bonus of $25,000, and (iv) 1,800,000 service-based vesti
• $1.00 — y that it had failed to comply with the $1.00 per share minimum bid price requirement

Filing Documents

• maps-20241127.htm (8-K) — 36KB
• 0001779474-24-000066.txt ( ) — 197KB
• maps-20241127.xsd (EX-101.SCH) — 2KB
• maps-20241127_def.xml (EX-101.DEF) — 15KB
• maps-20241127_lab.xml (EX-101.LAB) — 26KB
• maps-20241127_pre.xml (EX-101.PRE) — 16KB
• maps-20241127_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On November 27, 2024, the Board of Directors (the "Board") of WM Technology, Inc., a Delaware corporation (the "Company"), approved the appointment of Sarah Griffis to serve as Chief Technology Officer of the Company, effective upon the commencement of her employment on January 6, 2025. In connection with her appointment, on December 2, 2024, the Company entered into an executive employment agreement with Ms. Griffis (the "Employment Agreement"). Under the Employment Agreement, Ms. Griffis is eligible to receive (i) an annual base salary of $400,000, (ii) an annual target bonus equal to 50% of her annual base salary, (iii) a signing bonus of $25,000, and (iv) 1,800,000 service-based vesting restricted stock units under the Company's 2021 Stock Incentive Plan (the "RSUs"). The RSUs will vest 1/3 rd on February 15, 2026 and the remainder in substantially equal installments over the remaining two-year period, subject to Ms. Griffis' continuous service with the Company. The Compensation Committee of the Board also approved Ms. Griffis as eligible to receive the benefits applicable to "Eligible Employees" as described in the Company's Severance and Change in Control Plan previously adopted by the Audit Committee of the Board, and other benefits on the same basis as those benefits are made available to other similarly situated employees of the Company. The foregoing summary description of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Employment Agreement, a copy of which will be filed with the Securities and Exchange Commission in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Chief Technology Officer Appointment On November 27, 2024, the Board ap

01 Other Events

Item 8.01 Other Events. As previously reported, on October 9, 2024, the Company received a letter from the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company that it had failed to comply with the $1.00 per share minimum bid price requirement of Nasdaq Listing Rule 5450(a)(1). On December 3, 2024, the Company received a letter from the Staff notifying the Company that the Staff had determined that for 10 consecutive business days, from November 18, 2024 to December 2, 2024, the minimum closing bid price for the Company's Class A common stock was at least $1.00 per share. Accordingly, the Staff has determined that the Company has regained compliance with Listing Rule 5450(a)(1) and it has indicated that the matter is now closed. There can be no assurance, however, that the Company will be able to maintain compliance with Listing Rule 5450(a)(1) in the future.

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 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: December 4, 2024 WM TECHNOLOGY, INC. By: /s/ Susan Echard Susan Echard Chief Financial Officer

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View this 8-K filing on SEC EDGAR