WM Technology receives acquisition proposal from founders for $1.70 per share

WM Technology (MAPS) confirmed that it has received a non-binding proposal from Douglas Francis, a founder, CEO and chairman of the board of directors of WM Technology, and Justin Hartfield, a founder and stockholder of WM Technology, to purchase all of the outstanding common stock of WM Technology not already beneficially owned by Francis and Hartfield. Francis and Hartfield currently beneficially own approximately 32% of the outstanding shares of WM Technology’s common stock. According to the terms of the proposal, which is subject to certain conditions, Francis and Hartfield would acquire all of the shares of common stock of WM Technology not already owned by Francis and Hartfield for $1.70 per share of common stock of WM Technology. The board has formed a special committee consisting of disinterested and independent directors to consider the proposal. The special committee intends to consider the proposal with the assistance of its outside financial and legal advisors.