Filing Analysis
WM Technology, Inc. announced its financial results for the second quarter ended June 30, 2026. The filing serves as a formal announcement of quarterly earnings via an attached press release.
📋 Key Facts
- Reporting period: Second Quarter ended June 30, 2026.
- Announcement date: August 6, 2026.
- The financial results were furnished in Exhibit 99.1 via a press release.
WM Technology, Inc. reported the results of its 2026 Annual Meeting of Stockholders held on July 16, 2026. The meeting included votes on board declassification, executive compensation, auditor ratification, and director elections.
🚩 Red Flags
- Failure of Proposal 1 suggests shareholder dissatisfaction with current board structure/governance.
- High number of 'Broker Non-Votes' (39,805,184 shares) across all proposals indicates a significant portion of the float was not directed by brokers.
📋 Key Facts
- Proposal 1 (Declassify Board): Failed to receive approval from stockholders.
- Proposal 2 (Executive Compensation): Approved on a non-binding advisory basis.
- Proposal 3 (Auditor Ratification): Macias Gini & O’Connell LLP was ratified as the independent registered public accounting firm for fiscal year 2026.
- Proposal 4b (Director Elections): Brent Cox, Harry DeMott, and Brenda Freeman were elected to serve until the 2029 Annual Meeting.
WM Technology, Inc. adjourned its 2026 Annual Meeting of Stockholders from June 24, 2026, to July 16, 2026. The adjournment is intended to allow more time for stockholders to vote on a proposal to declassify the Board of Directors.
🚩 Red Flags
- Adjournment of an annual meeting can sometimes indicate a lack of quorum or unexpected opposition to management proposals (in this case, declassification).
📋 Key Facts
- Annual Meeting held on June 24, 2026, was adjourned without conducting business.
- Re-convened meeting scheduled for July 16, 2026, at 10:00 a.m. Pacific Time.
- The primary purpose of the adjournment is to allow more time for voting on a proposal to amend the Certificate of Incorporation to declassify the Board of Directors and provide for immediate annual election of all directors.
- Record date remains April 27, 2026.
WM Technology, Inc. reported its financial results for the first quarter ended March 31, 2026. The results were disclosed via a press release furnished as Exhibit 99.1 to the 8-K filing.
🚩 Red Flags
- The company's securities are traded on the OTCQX Best Market and OTCID Basic Market, indicating the company is not listed on a major national exchange (Nasdaq/NYSE).
📋 Key Facts
- Financial results for the first quarter ended March 31, 2026, were announced on May 11, 2026.
- The company's Class A Common Stock (MAPS) is traded on the OTCQX Best Market.
- The company's Warrants (MAPSW) are traded on the OTCID Basic Market.
- The filing was signed by Susan Echard, Chief Financial Officer.
WM Technology announced preliminary Q1 2026 financial results but disclosed a strategic intent to voluntarily delist from Nasdaq and deregister its Class A common stock. This 'going dark' move indicates a transition to OTC markets and a significant reduction in public reporting obligations.
🚩 Red Flags
- Voluntary delisting and deregistration (going dark) typically leads to a collapse in liquidity and valuation.
- Disclosure of material weaknesses in internal controls over financial reporting.
- Potential for significantly greater price volatility and less transparency on OTC markets.
📋 Key Facts
- Preliminary Q1 2026 revenue estimated between $42 million and $44 million.
- Preliminary Adjusted EBITDA estimated between $5 million and $7 million.
- Cash, cash equivalents, and investments totaled approximately $57 million as of March 31, 2026.
- Company disclosed intentions to voluntarily delist from Nasdaq and deregister its securities under the Exchange Act.
- The filing mentions ongoing material weaknesses in the Company’s internal controls.
WM Technology, Inc. (MAPS) has announced its voluntary intention to delist from the Nasdaq and deregister its securities, effectively going 'dark.' This move is accompanied by the dismissal of its auditor following consecutive years of material weaknesses and the resignation of a board director.
🚩 Red Flags
- Voluntary delisting and deregistration (ceasing to be a public reporting company).
- Persistent material weaknesses in internal controls for fiscal years 2024 and 2025.
- Auditor change immediately following adverse internal control opinions.
- Simultaneous director resignation and delisting announcement.
- Multiple 8-K items (3.01, 4.01, 5.02) indicating significant corporate upheaval.
📋 Key Facts
- The Company provided notice on April 7, 2026, to voluntarily delist Class A common stock and warrants from Nasdaq.
- A Form 25 will be filed on April 17, 2026, with the Company expecting to subsequently file a Form 15 to suspend all SEC reporting obligations.
- Dismissed independent auditor Baker Tilly US, LLP on April 3, 2026, and engaged Macias Gini & O’Connell LLP (MGO).
- Baker Tilly's audit reports for 2024 and 2025 contained adverse opinions on the effectiveness of internal control over financial reporting due to material weaknesses.
- Director Scott Gordon resigned from the Board effective April 6, 2026.
- The Company expects its securities to be quoted on the OTC Markets following the delisting.
WM Technology, Inc. (MAPS) announced its financial results for the fourth quarter ended December 31, 2025, via a press release on March 12, 2026.
📋 Key Facts
- The company reported Q4 2025 financial results on March 12, 2026.
- The filing was made under Item 2.02 (Results of Operations and Financial Condition).
- A press release detailing the results was furnished as Exhibit 99.1.
- The report was signed by Susan Echard, Chief Financial Officer.
WM Technology, Inc. (MAPS) appointed Nicholas Rellas to its Board of Directors as an independent Class III director, effective March 5, 2026. Mr. Rellas will serve until the 2027 annual meeting and received an initial RSU grant valued at $400,000 as part of his compensation.
📋 Key Facts
- Nicholas Rellas appointed as a Class III director effective March 5, 2026.
- The Board determined Mr. Rellas is an 'independent director' under Nasdaq Rule 5605(a)(2).
- Mr. Rellas received a one-time grant of restricted stock units (RSUs) valued at approximately $400,000.
- The RSUs vest in three equal annual installments starting from the first annual meeting following the appointment.
- No related-party transactions or conflicts of interest were reported under Item 404(a) of Regulation S-K.
WM Technology, Inc. received a deficiency notice from Nasdaq because its Class A common stock closed below $1.00 for 30 consecutive business days. The company has a 180-day compliance period ending August 3, 2026, to regain the minimum bid price requirement.
🚩 Red Flags
- Delisting notice (deficiency in minimum bid price).
- Potential for a mandatory reverse stock split to regain compliance.
- Risk of delisting if the $1.00 threshold is not met within the grace period or subsequent extension.
📋 Key Facts
- Received Nasdaq deficiency notice on February 4, 2026.
- Reason for deficiency: Closing bid price below $1.00 for 30 consecutive business days (Nasdaq Listing Rule 5450(a)(1).
- Compliance period expires August 3, 2026.
- To regain compliance via a second 180-day extension, the company may need to transfer to Nasdaq Capital Market and notify Nasdaq of intent to effect a reverse stock split if necessary.
WM Technology, Inc. announced the appointment of Ms. Echard as Chief Financial Officer via a direct employment agreement, effectively terminating her previous service through an external agency (SeatonHill Partners, LP). Additionally, the company appointed two new independent directors to the Board.
🚩 Red Flags
- Transition from agency-provided CFO (SeatonHill Partners) to a direct employee model may indicate shifts in corporate structure or cost management.
- Significant severance obligations outlined for the new CFO in the event of change in control or regular termination.
📋 Key Facts
- Ms. Echard appointed as CFO effective January 30, 2026; annual base salary of $460,000 plus a 65% target bonus.
- Termination of Executive Services Agreement with SeatonHill Partners, LP regarding Ms. Echard's services.
- Harry DeMott and Brent Cox appointed to the Board as Class II directors effective February 1, 2026.
- DeMott and Cox awarded initial one-time RSU grants valued at approximately $400,000 each, vesting over three years.
- Approval of an Amended and Restated Non-Employee Director Compensation Policy effective January 1, 2026.
WM Technology, Inc. announced its financial results for the third quarter ended September 30, 2025. The filing serves as a formal notification of the earnings release via Exhibit 99.1.
📋 Key Facts
- Reporting period: Third Quarter ended September 30, 2025.
- Announcement date: November 6, 2025.
- The filing includes a press release as Exhibit 99.1 containing the financial results.
Olga Gonzalez has resigned from the Board of Directors and all associated committees, effective September 2, 2025. The company stated her resignation is not due to any disagreements regarding operations, policies, or practices.
🚩 Red Flags
- None identified; departure is characterized as non-dispute related.
📋 Key Facts
- Resignation date: August 25, 2025
- Effective date of departure: September 2, 2025
- Departing individual: Olga Gonzalez
- Role: Member of the Board of Directors and all committees
- Stated reason: No disagreement with Company operations, policies, or practices
Tony Aquila has resigned from the Board of Directors and all related committees, effective September 2, 2025. The company stated the resignation is not due to any disagreements regarding operations, policies, or practices.
🚩 Red Flags
- Departure of a board member can sometimes precede strategic shifts or internal friction, though not explicitly stated here.
📋 Key Facts
- Resignation date: August 13, 2025
- Effective date of departure: September 2, 2025
- Individual: Tony Aquila
- Scope: Resigning from the Board of Directors and all committees.
- Stated reason: No disagreement with Company operations, policies, or practices.
WM Technology, Inc. announced its financial results for the second quarter ended June 30, 2025. The filing serves as a formal announcement of quarterly earnings via an attached press release.
📋 Key Facts
- Reporting period: Second Quarter ended June 30, 2025.
- Report date: August 7, 2025.
- The financial results were announced via a press release furnished as Exhibit 99.1.
WM Technology, Inc. held its 2025 Annual Meeting of Stockholders on June 24, 2025. The filing reports the results of stockholder votes regarding director elections, executive compensation (Say-on-Pay), and the ratification of the independent auditor.
🚩 Red Flags
- Anthony Bay received significant 'Votes Withheld' (23,616,419) and 'Broker Non-Votes' (30,582,829), though he was still elected.
- High number of Broker Non-Votes across all proposals suggests a large portion of the voting shares were held by institutional brokers without specific instructions.
📋 Key Facts
- Annual Meeting held on June 24, 2025.
- Quorum reached with 117,465,020 shares present, representing ~76% of outstanding common stock.
- Anthony Bay and Glen Ibbott were elected as Class I Directors to serve until the 2028 Annual Meeting.
- Stockholders approved executive compensation on a non-binding advisory basis (Proposal 2).
- Stockholders ratified Baker Tilly US, LLP as the independent registered public accounting firm for fiscal year ending Dec 31, 2025.
The company announced that co-founders Doug Francis and Justin Hartfield have withdrawn their non-binding proposal to acquire all outstanding shares of the Company. This follows an indication of interest previously reported in December 2024.
🚩 Red Flags
- Failed M&A activity: The withdrawal of a buyout proposal from co-founders can signal a breakdown in negotiations or fundamental disagreements on valuation/terms.
- Concentration of control: The potential acquisition was by the co-founders, meaning the failure of this deal removes a primary exit path that may have been priced into the stock.
📋 Key Facts
- Co-founders Doug Francis and Justin Hartfield communicated the withdrawal of their acquisition proposal on June 23, 2025.
- The original non-binding indication of interest (Proposal) was reported on December 18, 2024.
- The Proposal aimed to acquire all outstanding Class A and Class V common stock.
WM Technology, Inc. announced that its independent auditor, Moss Adams LLP, resigned following a merger with Baker Tilly US, LLP. The company has appointed Baker Tilly as the successor auditor.
🚩 Red Flags
- Auditor change triggered by a merger/resignation rather than standard rotation.
- Material weakness in internal control over financial reporting disclosed for both 2023 and 2024 (adverse opinion).
- The auditor resigned without the Board's recommendation or approval.
📋 Key Facts
- Moss Adams LLP merged with Baker Tilly US, LLP effective June 3, 2025.
- Moss Adams resigned as the Company's independent registered public accounting firm.
- Baker Tilly US, LLP has been appointed by the Audit Committee as the successor auditor.
- The company reported an adverse opinion on the effectiveness of internal control over financial reporting for years ended December 31, 2024 and 2023 due to material weaknesses.
- Moss Adams did not seek consent regarding its decision to resign.
WM Technology, Inc. announced its financial results for the first quarter ended March 31, 2025. The filing serves as a formal announcement of quarterly earnings via an attached press release.
📋 Key Facts
- Reporting period: First Quarter ended March 31, 2025
- Announcement date: May 8, 2025
- The filing includes Exhibit 99.1 containing the full press release of financial results.
WM Technology, Inc. announced its financial results for the fourth quarter ended December 31, 2024. The filing serves as a formal announcement of earnings via an attached press release.
📋 Key Facts
- Reporting period: Fourth Quarter ended December 31, 2024.
- Announcement date: March 13, 2025.
- The financial results were furnished in Exhibit 99.1 as a press release.
WM Technology, Inc. announced a non-binding indication of interest received from the company's co-founders, Doug Francis and Justin Hartfield, who are also current stockholders.
🚩 Red Flags
- Non-binding nature of the interest means no guaranteed transaction or change in control at this stage.
📋 Key Facts
- Date of event: December 18, 2024
- Interested parties: Co-founders and current stockholders Doug Francis and Justin Hartfield
- Nature of interest: Non-binding indication of interest (IOI)
- The disclosure is furnished under Item 7.01 (Regulation FD Disclosure) and is not considered 'filed' for liability purposes.
WM Technology, Inc. announced the appointment of Sarah Griffis as Chief Technology Officer, effective January 6, 2025. The filing also notes that the company has regained compliance with Nasdaq's minimum bid price requirement after a period of non-compliance.
🚩 Red Flags
- Historical delisting risk: The company recently faced a deficiency in the $1.00 minimum bid price requirement (though compliance has been regained).
📋 Key Facts
- Sarah Griffis appointed as CTO, effective January 6, 2025.
- Employment agreement includes $400,000 annual base salary and 50% target bonus.
- Signing bonus of $25,000 and 1,800,000 service-based vesting RSUs granted.
- RSU vesting schedule: 1/3 on February 15, 2026, with the remainder over the following two years.
- Company regained compliance with Nasdaq Listing Rule 5450(a)(1) regarding the $1.00 minimum bid price requirement as of December 2, 2024.
WM Technology, Inc. announced the appointment of Douglas Francis as Chief Executive Officer and Susan Echard as permanent Chief Financial Officer, effective November 7, 2024. The filing also discloses significant related-party transactions involving businesses owned by Mr. Francis.
🚩 Red Flags
- Significant related-party transactions involving the new CEO's private entities (Glasir Group and Shield Management Group).
- High executive compensation structure with nearly $8M in total RSU grants for the new CEO.
📋 Key Facts
- Douglas Francis appointed CEO on Nov 7, 2024; base salary of $750,000 plus 100% target bonus.
- CEO compensation includes $3,995,000 in service-based RSUs and $3,995,000 in performance-based RSUs.
- Susan Echard appointed permanent CFO on Nov 7, 2024, following her interim term.
- Related-party transaction: Glasir Group, LLC (owned by Mr. Francis) paid $169,095 in rent to the Company in 2023 via a sublease agreement.
- Related-party transaction: Shield Management Group, LLC (majority owned by Mr. Francis) paid $427,797 for products/services in 2023.
WM Technology, Inc. received a deficiency notice from Nasdaq because its Class A common stock closed below $1.00 for 30 consecutive business days. The company has a 180-day compliance period ending April 7, 2025, to regain the minimum bid price requirement.
🚩 Red Flags
- Delisting notice (minimum bid price deficiency).
- Potential for a mandatory reverse stock split to regain compliance.
- Risk of delisting if compliance is not met within the extended grace periods.
📋 Key Facts
- Received Nasdaq deficiency notice on October 9, 2024.
- The deficiency is due to the closing bid price being below $1.00 for 30 consecutive business days (Nasdaq Listing Rule 5450(a)(1).
- Compliance period of 180 calendar days expires on April 7, 2025.
- The company may be eligible for a second 180-day extension if it transfers to the Nasdaq Capital Market and notifies Nasdaq of its intent to effect a reverse stock split.
- Stock continues to trade under symbol 'MAPS' during the compliance period.
WM Technology, Inc. announced the appointment of Glen Ibbott to its Board of Directors and Audit Committee, effective October 1, 2024. Mr. Ibbott has been designated as an 'audit committee financial expert' under Regulation S-K.
📋 Key Facts
- Glen Ibbott appointed to fill an existing vacancy on the Board as a Class I director.
- Appointment effective date: October 1, 2024.
- Mr. Ibbott will serve on the Audit Committee and is qualified as an 'audit committee financial expert'.
- Compensation includes a one-time grant of restricted stock units (RSUs) valued at approximately $166,667, vesting at the next annual meeting of stockholders.
- The Board determined Mr. Ibbott is an independent director under Nasdaq rules.
WM Technology, Inc. announced its Q2 2024 financial results and reported significant leadership changes, including the resignation of a director and the formalization of a separation agreement for the Chief Technology Officer.
🚩 Red Flags
- Departure of the Chief Technology Officer (CTO) can signal internal shifts or strategic pivots.
- Resignation of a Director who chaired two key committees (Technology and Governance).
📋 Key Facts
- Company released Q2 2024 financial results on August 8, 2024 (Item 2.02).
- Director Fiona Tan resigned from the Board and her roles as Chair of the Nominating and Corporate Governance Committee and Technology Committee, effective September 30, 2024.
- CTO Duncan Grazier transitioned to 'Special Advisor' role through October 31, 2024 following his resignation on July 31, 2024.
- Separation agreement for CTO includes 9 months of base salary, 75% of 2024 target bonus, and vesting acceleration of 66,086 RSUs.
WM Technology, Inc. filed an 8-K/A to report the results of its 2024 Annual Meeting of Stockholders held on July 24, 2024. The meeting included elections for directors, advisory votes on executive compensation, and ratification of the independent auditor.
📋 Key Facts
- Annual Meeting held on July 24, 2024; approximately 72% of outstanding shares were represented (108,235,218 shares).
- Elected Douglas Francis and Scott Gordon as Class III Directors to serve until the 2027 Annual Meeting.
- Stockholders approved the non-binding advisory vote on executive compensation for the year ended 2023.
- Stockholders ratified Moss Adams LLP as the independent registered public accounting firm for fiscal year ending December 31, 2024.
WM Technology, Inc. reported the results of its 2024 Annual Meeting of Stockholders held on July 24, 2024. The meeting included elections for Class II Directors, an advisory vote on executive compensation, and the ratification of Moss Adams LLP as the independent auditor.
🚩 Red Flags
- High number of 'Broker Non-Votes' (31,066,176) on the advisory compensation vote suggests significant institutional or non-participating shareholder presence/abstention.
📋 Key Facts
- The Annual Meeting was held on July 24, 2024.
- Quorum: Approximately 72% of outstanding shares (108,235,218 shares) were present at the meeting.
- Directors Elected: Douglas Francis and Scott Gordon were elected to Class II Director positions serving until the 2026 Annual Meeting.
- Executive Compensation: Stockholders approved the compensation of Named Executive Officers for the year ended 2023 on a non-binding advisory basis.
- Auditor Ratification: Moss Adams LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
WM Technology, Inc. has reached a settlement in principle with the SEC to resolve an investigation into its historical reporting of Monthly Active Users (MAUs). The company will consent to a cease-and-desist order regarding various securities law violations and pay a $1.5 million civil penalty.
🚩 Red Flags
- SEC investigation findings violations of multiple securities laws (Sections 17(a), 13(a), 14(a)).
- Historical issues with non-GAAP metric reporting (MAUs) led to internal investigations and SEC enforcement.
- Regulatory settlement involving a civil penalty.
📋 Key Facts
- Settlement reached in principle on July 22, 2024, with the SEC staff.
- The investigation stemmed from an internal complaint in Q2 2022 regarding MAU metric calculations/reporting.
- The company will consent to a cease-and-desist order without admitting or denying findings.
- Violations include Sections 17(a)(2) and (3) of the Securities Act and various sections of the Exchange Act.
- A civil money penalty of $1,500,000 is required as part of the settlement.
The Company announced the resignation of its Chief Technology Officer, Duncan Grazier, effective July 31, 2024. Additionally, the Board awarded Executive Chair Douglas Francis a discretionary performance bonus of $835,000 for fiscal year 2023.
🚩 Red Flags
- Departure of a key C-suite executive (CTO) can create operational or strategic gaps.
- Large discretionary bonus ($835k) to the Executive Chair during a period of leadership transition.
📋 Key Facts
- Chief Technology Officer Duncan Grazier resigned on July 17, 2024, effective July 31, 2024.
- Grazier will serve in a paid advisory role through October 31, 2024, to facilitate transition.
- The Company is searching for a new CTO and plans to base the role in a new Austin, Texas office.
- Executive Chair Douglas Francis was awarded an $835,000 discretionary performance bonus on July 18, 2024.
WM Technology, Inc. has regained compliance with Nasdaq listing rules following the timely filing of its delayed Annual Report (Form 10-K) for the year ended December 31, 2023, and its Quarterly Report (Form 10-Q) for the period ended March 31, 2024. The compliance matter regarding Nasdaq Listing Rule 5250(c)(1) is now considered closed.
🚩 Red Flags
- Previous history of delayed financial reporting (10-K and 10-Q) which triggered delisting warnings.
📋 Key Facts
- Company received a Compliance Notice from Nasdaq on May 29, 2024.
- The company had been in non-compliance with Nasdaq Listing Rule 5250(c)(1) due to delays in filing its FY2023 Annual Report and Q1 2024 Quarterly Report.
- Compliance was regained following the filings made on May 24, 2024.
- The matter regarding the failure to satisfy continued listing rules is now closed.
WM Technology, Inc. announced that previously issued unaudited condensed consolidated financial statements for various periods in 2023 are materially misstated due to inadequate revenue recognition policies for cash-basis customers. The company will restate these figures in its upcoming 10-K and subsequent 10-Q filings.
🚩 Red Flags
- Non-reliance on previously issued financial statements (Item 4.02(a)).
- Revenue recognition errors involving a subset of customers placed on a cash basis.
- Existing material weaknesses in internal control over financial reporting reported as of Dec 31, 2022.
- Multiple items detected in one filing: Earnings release (Item 2.02) and Restatement (Item 4.02(a)).
📋 Key Facts
- Materially misstated financial statements identified for periods ended March 31, June 30, and Sept 30, 2023.
- Revenue reduction of $1.6M (Q1), $4.0M (H1), and $5.1M (9 months) due to errors in cash collection accounting for certain customers.
- Corresponding reduction in provision for credit losses was noted; however, no impact on operating income, net income, or Adjusted EBITDA.
- The company previously disclosed material weaknesses in internal control over financial reporting as of December 31, 2022.
- Restatements will be included in the upcoming Annual Report on Form 10-K for the year ended December 31, 2023.
WM Technology, Inc. received a notice from Nasdaq regarding non-compliance with listing rules due to delays in filing its Annual Report (Form 10-K) for the year ended December 31, 2023, and its Quarterly Report (Form 10-Q) for the period ended March 31, 2024. The company is currently working to complete these filings to regain compliance.
🚩 Red Flags
- Delisting notice/Non-compliance with timely filing requirements
- Multiple delays in mandatory SEC filings (Annual and Quarterly reports)
- Potential for delisting if compliance plan is not accepted or deadlines are missed
📋 Key Facts
- Received notice from Nasdaq on May 14, 2024, regarding non-compliance with Nasdaq Listing Rule 5250(c)(1).
- Non-compliance stems from failure to timely file the Annual Report for the year ended December 31, 2023, and the Quarterly Report for the period ended March 31, 2024.
- The company previously received an 'Initial Notice' on April 8, 2024, regarding the failure to file the Annual Report.
- Nasdaq has provided a deadline of June 3, 2024, to submit a plan to regain compliance if the Annual Report is not filed by then.
- If a plan is accepted, Nasdaq may grant up to 180 days (until September 30, 2024) to file the Annual Report.
WM Technology, Inc. received a notice from Nasdaq regarding non-compliance with timely filing requirements for its 2023 Annual Report on Form 10-K. While the company has successfully regained compliance with the $1.00 minimum bid price requirement, it remains at risk of delisting due to the delayed financial reporting.
🚩 Red Flags
- Delisting notice due to failure to file timely periodic financial reports (Nasdaq Rule 5250(c)(1)).
- History of minimum bid price non-compliance (though recently resolved).
- Potential for significant delay in financial transparency due to the missing 10-K.
📋 Key Facts
- Received Nasdaq notice on April 2, 2024, for failure to timely file Form 10-K for the year ended December 31, 2023.
- The company must submit a compliance plan by June 3, 2024, or face potential delisting.
- If a plan is accepted, Nasdaq may grant relief until September 30, 2024, to file the delinquent Annual Report.
- The company regained compliance with the $1.00 minimum bid price requirement as of April 5, 2024, after a 10-day period (March 22 - April 5).
- Interim CFO Susan Echard signed the report.
WM Technology, Inc. announced preliminary unaudited full-year 2023 financial results and disclosed a delay in filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
🚩 Red Flags
- Delay in filing the Annual Report (Form 10-K) can indicate internal control weaknesses or accounting complexities.
📋 Key Facts
- Preliminary unaudited full year 2023 financial results were announced on April 1, 2024.
- The company is delaying the filing of its Annual Report on Form 10-K for the period ended December 31, 2023.
- Interim CFO Susan Echard signed the report.
WM Technology, Inc. announced a change in its interim CFO leadership. Susan Echard has been appointed as the new interim Chief Financial Officer, replacing Mary Hoitt effective February 26, 2024.
🚩 Red Flags
- Continued use of interim/outsourced CFO services (SeatonHill Partners) suggests the company has not yet secured a permanent financial leader.
- Rapid turnover in the interim CFO position (replacement of one interim provider with another).
📋 Key Facts
- Mary Hoitt was removed as CFO Partner by SeatonHill Partners, LP on February 26, 2024.
- Susan Echard appointed as interim CFO, principal financial officer, and principal accounting officer effective February 26, 2024.
- The company utilizes an executive services agreement with SeatonHill Partners, LP for CFO services.
- SeatonHill retainer is $60,000 per month or $3,000 per day at the Company's option.
- Ms. Echard brings over 35 years of experience, including previous CFO roles at Direct Digital Holdings and Trinity Capital Investment.