WM Technology, Inc., a provider of prepackaged software services, announced the resignation of its Chief Technology Officer, Duncan Grazier, effective July 31, 2024. The resignation is not due to any disagreements with the company's operations, policies, or practices, according to a filing with the U.S. Securities and Exchange Commission today.
Grazier will continue to serve WM Technology in an advisory capacity until October 31, ensuring a smooth transition. The company is actively seeking a new CTO and plans to base the position in Austin, Texas, where it intends to open a new office.
Additionally, the Compensation Committee of WM Technology's Board awarded Executive Chair Douglas Francis a discretionary performance bonus of $835,000 for the fiscal year 2023. This bonus, paid on July 18, 2024, recognizes both the company's performance and Francis's contributions as Executive Chair and principal executive officer.
WM Technology, formerly known as Silver Spike Acquisition Corp., is incorporated in Delaware with its principal executive offices in Irvine, California. The company trades on The Nasdaq Global Select Market under the symbols NASDAQ:MAPS for its Class A Common Stock and NASDAQ:MAPSW for its Warrants.
In other recent news, WM Technology, the parent company of Weedmaps, has been grappling with Nasdaq compliance issues due to delays in filing its required financial reports. The technology firm received a delinquency notification from Nasdaq for not submitting its quarterly report for the period ending March 31, 2024, and its annual report for the year ending December 31, 2023. The company attributed the delay in filing to a recent change in executive finance leadership.
These developments are recent, and the company is working diligently to finalize its financial statements. The intention is to file the annual report promptly and before the deadline to submit the compliance plan, with the filing of the quarterly report to follow. WM Technology had previously informed the market of its late filing through a Form 12b-25 filed on May 13, 2024.
In an earlier notice from Nasdaq, the company was given until June 3, 2024, to present a plan to regain compliance with the listing rule. Nasdaq may grant an extension of up to 180 days from the annual report's original due date, or until September 30, 2024, to meet the requirements.
InvestingPro Insights
In light of WM Technology, Inc.'s recent executive changes, a glance at the company's financial health and market performance could provide additional context for investors. According to InvestingPro data, WM Technology currently holds a market capitalization of $172.65 million. The company displays a notable gross profit margin of 93.9% for the last twelve months as of Q1 2024, indicating a strong ability to retain revenue after the cost of goods sold is accounted for. Despite a decline in revenue growth during the same period, the firm achieved an impressive EBITDA growth of 171.5%, suggesting potential operational efficiency improvements.
InvestingPro Tips highlight that the company's Price to Earnings (P/E) Ratio has adjusted to a more favorable 13.8, based on the last twelve months as of Q1 2024. Additionally, with the next earnings date set for August 6, 2024, investors may want to monitor the company's performance closely. For those seeking to delve further into the company's potential, there are additional tips available on InvestingPro, and using the coupon code PRONEWS24, investors can get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. With these insights, stakeholders can better gauge the investment landscape as WM Technology navigates through its executive transition.
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