IRVINE, Calif. – The Special Committee of WM Technology, Inc. (Nasdaq: MAPS) has confirmed receipt of a letter from founders Douglas Francis and Justin Hartfield, dated June 23, 2025. The letter withdraws their non-binding proposal to purchase all outstanding common stock of WM Technology for $1.70 per share, citing external factors. Despite this withdrawal, Messrs. Francis and Hartfield intend to continue evaluating a potential transaction and may submit an alternative proposal.
The Special Committee, supported by independent advisors Evercore Group L.L.C. and Allen Overy Shearman Sterling US LLP, remains committed to acting in the best interests of WM Technology and its stockholders. No further developments will be disclosed unless deemed necessary or required.
WM Technology, founded in 2008, operates Weedmaps, a leading cannabis marketplace, and provides eCommerce and compliance software solutions for cannabis businesses. The company advocates for U.S. legalization, industry-wide social equity, and cannabis education.
This press release includes forward-looking statements regarding future business expectations, involving risks and uncertainties. Actual results may differ materially due to factors such as financial performance, market conditions, regulatory changes, and competition. The company’s forward-looking statements are subject to various risks and uncertainties, including market opportunity, commercial product launches, and the company’s ability to scale its business.
Investors and readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the company’s expectations as of the date of this press release. WM Technology disclaims any obligation to update these statements except as required by law.
