WM Technology Receives $1.70/shr Buyout Proposal From Founders

(RTTNews) - WM Technology Inc. (MAPS) confirmed it has received a non-binding proposal, dated December 17, 2024, from Douglas Francis, a founder, Chief Executive Officer and Chairman of the Board of Directors of WM Technology, and Justin Hartfield, a founder and stockholder of WM Technology, to purchase all outstanding common stock not already owned by them. Francis and Hartfield, who currently own about 32% of the company's common stock, propose to acquire the remaining shares for $1.70 per share, subject to certain conditions.

The company noted that its special committee intends to carefully consider the Proposal with the assistance of its outside financial and legal advisors and is committed to acting in the best interests of WM Technology and all of its stockholders.

MAPS closed Wednesday's regular trading at $1.39 up $0.17 or 13.93%. In the after-hours trading, the stock further gained $0.06 or 4.31%.