- The move: WM Technology Inc. will voluntarily delist from the Nasdaq Global Select Market; the last day of trading is expected to be April 24, 2026.
- The destination: Class A common stock and warrants are expected to transition to the OTC Markets following the delisting.
- The rationale: Management cited thin trading volumes, high compliance costs, and regulatory constraints as primary drivers for the exit.
- Recent context: The decision follows a $1.5-million SEC settlement regarding historical user data reporting and a failed 2025 bid by the company’s founders to take the firm private.
IRVINE, Calif. – WM Technology Inc. (Nasdaq: MAPS), parent company of online cannabis marketplace Weedmaps, will voluntarily delist its Class A common stock and warrants from the Nasdaq Global Select Market effective April 17. The company expects the last trading day of its Class A common stock and warrants on Nasdaq will be April 24.
A steep decline from debut highs
After closing at a high of $19.97 on June 18, 2021, two days after its Nasdaq debut, MAPS began a steep decline that, with the exception of a brief rally in spring 2022, the stock never reversed. Shares have traded below $2 since early 2023 and have struggled to hold the $1 line ever since.
MAU reporting and SEC settlement
The roots of the company’s Nasdaq difficulties run deeper than its share price. In August 2022, WM Technology disclosed that its board had received an internal complaint about the calculation and reporting of its monthly active users, or MAUs — a metric the company had described as a key indicator of its marketplace’s health. The disclosure revealed users directed to the site via pop-under advertisements had accounted for as much as 65 percent of reported MAUs in recent quarters, with most of those users leaving the site without any further interaction. The stock fell more than 25 percent in a single day on the news.
Two years later, the Securities and Exchange Commission brought the matter to a formal close. In September 2024, WM Technology agreed to pay a $1.5 million civil penalty to settle charges that it had cited misleading MAU data in regulatory filings, earnings reports, marketing materials, and investor presentations for more than a year following its Nasdaq debut. Former Chief Executive Officer Christopher Beals and former CFO Arden Lee each paid $175,000 in civil penalties and were barred from serving as officers or directors of public companies for three years. Multiple shareholder class action lawsuits stemming from the MAU disclosures remain pending.
Compliance hurdles and delinquency notices
The SEC action was not the company’s only compliance headache in 2024. In April of that year, Nasdaq notified WM Technology that it was out of compliance for failing to file its 2023 annual report on time, citing a recent change in executive finance leadership and material weaknesses in internal controls over financial reporting. A second delinquency notice followed in May, covering its Q1 2024 quarterly report as well.
The company’s shares closed at 71 cents on April 7, down .79 percent. MAPS shares have not traded above $1 since December 18, 2025. On February 4, 2026, the company received a deficiency notice from Nasdaq because its stock had traded below $1 for thirty consecutive business days. The notice gave WM Technology until August 3 to regain compliance by having the stock close at $1 or higher for at least ten consecutive business days.
The February notice was the second such warning WM Technology received in sixteen months. Nasdaq previously issued a notice on October 9, 2024; the company regained compliance in November of that year.
Failed privatization bid and strategic pivot
One month later, co-founders Doug Francis and Justin Hartfield submitted a nonbinding proposal to take the company private at $1.70 per share for every share they did not already own — a 39-percent premium over the stock’s closing price on December 17, 2024. Together, Francis and Hartfield owned approximately 32 percent of the company’s shares at the time. In June 2025, the pair withdrew their offer. At the time, MAPS was trading at slightly more than $1.
To complete the delisting, WM Technology will file a Form 25 with the SEC to formally remove its Class A common stock and warrants from Nasdaq and deregister them under Section 12(b) of the Securities Exchange Act of 1934. The company also plans to file a Form 15 to terminate its reporting obligations under Sections 13(a) and 15(d) of the Exchange Act once it is eligible to do so.
The board cited four reasons for the decision: constraints that a Nasdaq listing imposes on how the company can serve cannabis businesses; limitations on its ability to create sustainable long-term value in an evolving regulatory environment; thin trading volume driven by a lack of comparable public companies and limited analyst coverage; and the ongoing cost and management burden of Exchange Act and Nasdaq compliance.
The path to OTC Markets
Once delisted, WM Technology’s Class A common stock and warrants are expected to trade on OTC Markets. Continued market-making is not guaranteed.
