WM Technology, Inc. (NASDAQ:MAPS) director Fiona Tan recently sold a significant number of shares in the company, according to the latest SEC filings. On June 24, 2024, Tan parted with 113,672 shares of Class A common stock at an average price of $1.0087, totaling approximately $114,660.
The transaction took place under a pre-arranged 10b5-1 trading plan, which was adopted on June 9, 2023. This plan allows company insiders to set up a predetermined schedule for buying and selling shares to avoid accusations of trading on non-public, material information. It was noted in the filing that the shares were sold at varying prices ranging from $1.0001 to $1.0401.
The sale was partly executed to cover tax withholding obligations related to the vesting of restricted stock units and any associated commission fees. Following the sale, Tan still retains ownership of 309,313 shares of WM Technology, which indicates continued investment in the company's future.
Investors and followers of WM Technology can request detailed information on the exact number of shares sold at each price point from the SEC, the issuer, or a security holder of the issuer, as noted in the SEC filing.
WM Technology, known for its services in prepackaged software, has been under the investor's radar, and transactions of this nature are closely watched for indications of insider confidence in the company's prospects. Tan's recent sale, facilitated through a structured trading plan, offers a glimpse into the financial moves of WM Technology's insiders.
In other recent news, WM Technology, Inc. is facing a compliance issue with Nasdaq 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 to a recent change in executive finance leadership.
In light of these developments, WM Technology has also disclosed preliminary financial results for 2023. The company expects revenue to fall between approximately $185 million and $195 million, with adjusted EBITDA anticipated to be in the range of $33 million to $37 million. Additionally, the firm reported an approximate 20% increase in cash on hand, with $34 million as of December 31, 2023, up from $28.6 million the previous year.
WM Technology is working diligently to finalize its financial statements and intends to file the annual report promptly. The company aims to meet the compliance requirements and regain Nasdaq's approval. These are recent developments that investors should be aware of as they consider their investment decisions.
InvestingPro Insights
WM Technology, Inc. (NASDAQ:MAPS) director Fiona Tan's recent sale of shares has prompted a closer look at the company's financial health and market performance. Here are some key insights from InvestingPro that offer additional context to this transaction:
InvestingPro Data reveals a challenging landscape for WM Technology, with a notable decline in revenue over the last twelve months as of Q1 2024, sitting at $185.97M, a dip of -9.06%. Despite this, the company boasts an impressive gross profit margin of 93.9%, reflecting its ability to maintain profitability at the core operational level. However, the stock has experienced significant volatility, with a -12.8% price total return over the past week, though it has seen a 27.58% uptick over the last six months, indicating a mixed short-term investor sentiment.
From the InvestingPro Tips, two key points stand out. Firstly, the company's valuation implies a strong free cash flow yield, which could suggest potential for future investment returns. Secondly, analysts predict the company will be profitable this year, which may provide a basis for investor optimism despite recent stock price fluctuations.
For investors seeking a deeper dive into WM Technology's financials and market performance, there are additional InvestingPro Tips available. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these insights. With a total of 10 InvestingPro Tips listed for WM Technology, including an analysis of their high shareholder yield and the company's moderate level of debt, subscribers can make more informed investment decisions.
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