WM Technology, Inc. Announces Notification of Delinquency with Nasdaq

WM Technology, Inc. (“WM Technology” or the “Company”) (Nasdaq: MAPS), announced it received an expected delinquency notification letter from Nasdaq’s Listing Qualifications Department on April 2, 2024 which indicated that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of the Company’s failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2023 (“Annual Report”). The Nasdaq listing rules require listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the "SEC"). This notification has no immediate effect on the listing of the Company’s securities on Nasdaq.

As described in the Company’s Form 12b-25 Notification of Late Filing filed on March 18, 2024, and subsequent Form 8-K filed on April 1, 2024, the delay in filing the Company’s Annual Report is due to a recent change in the Company’s executive finance leadership and corresponding delay in the preparation of the Company’s financial statements to be included in the Annual Report and the Company’s need to complete additional financial-closing procedures associated with one or more material weaknesses in internal control over financial reporting.

Nasdaq informed the Company that it must submit a plan to regain compliance (the “Plan”) within 60 calendar days, or by June 3, 2024, to address how it intends to regain compliance with the Nasdaq listing rules. If accepted, Nasdaq can grant an exception of up to 180 calendar days from the original due date of the Annual Report, or until September 30, 2024, to regain compliance. The Company will file the Form 10-K as soon as practicable and anticipates that the Form 10-K will be filed prior to the date on which the Company is required to submit the Plan, however, if the Form 10-K is not filed by such date, the Company will instead submit the Plan.

The Company will continue to work diligently to complete and file the Annual Report as soon as practicable and will take the necessary steps to regain compliance with the Nasdaq listing rules as soon as possible.

About WM Technology

Founded in 2008, WM Technology operates Weedmaps, a leading cannabis marketplace for consumers, as well as a broad set of eCommerce and compliance software solutions for cannabis businesses and brands in U.S. state-legal markets. WM Technology holds a strong belief in the power of cannabis and the importance of enabling safe, legal access to consumers worldwide.