WM Technology Updates Stockholders on Non-Binding Proposal from Co-Founders
IRVINE, Calif.–(BUSINESS WIRE)–The special committee of the Board of Directors of WM Technology, Inc. (Nasdaq: MAPS), a leading technology and software infrastructure provider to the cannabis industry, has received a letter from its co-founders Douglas Francis and Justin Hartfield. The letter, dated June 23, 2025, withdraws their non-binding proposal to purchase all outstanding common stock not already owned by them.
The co-founders cited external factors for withdrawing the proposal, which was initially made on December 17, 2024, at $1.70 per share. Despite this withdrawal, Francis and Hartfield have expressed their intention to continue evaluating a potential transaction and may submit an alternative proposal in the future.
The Special Committee, which has retained Evercore Group L.L.C. as its independent financial advisor and Allen Overy Shearman Sterling US LLP as its independent legal advisor, remains committed to acting in the best interests of WM Technology and its stockholders. The Committee does not intend to comment on further developments unless deemed necessary or required.
WM Technology operates Weedmaps, a prominent cannabis marketplace, and provides eCommerce and compliance software solutions for cannabis businesses. The company advocates for full U.S. legalization, industry-wide social equity, and continued education about cannabis.
This press release contains forward-looking statements regarding the company’s future business expectations, involving risks and uncertainties. These statements are based on current management expectations and are subject to various risks that could cause actual results to differ materially.
Investors and interested parties can contact Investor Relations at investors@weedmaps.com or Media Contact at press@weedmaps.com for more information.
