WM Technology Inc (NASDAQ: MAPS) (FRA: 833) has decided to voluntarily delist its Class A common stock and associated warrants from the Nasdaq Global Select Market.
The company plans to file the necessary form to do so with the SEC around Apr. 17, setting the final trading day on the exchange on or about Apr. 24. After that date, the shares will move to trading on the OTC Markets.
Tuesday’s announcement about the decision triggered an immediate negative reaction in the stock price. Shares closed the regular session on Apr. 7 at 71 cents, down slightly for the day, but the stock dropped by more than 37 per cent in after-hours trading to about 44 cents.
WM noted in its filing that the delisting will likely put further downward pressure on the share price and reduce liquidity for shareholders.
Financial and operational challenges inspire move
WM Technology faced several pressures that led to this step. Full year revenue for 2025 declined by nearly US$10 million while net income fell by almost US$9 million. The fourth quarter brought a net loss of US$5 million with it. Average monthly paying clients stayed near 5,190, but revenue per client declined as cannabis retailers cut marketing budgets amid pricing pressure and industry consolidation that left fewer big players.
The stock price has stayed under heavy strain and often traded below the US$1 minimum bid price during the calendar year. This situation triggered a Nasdaq deficiency notice in February of 2026. Trading volume also remained thin, analyst coverage was limited and few comparable public cannabis companies were able to attract broader investor interest.
A 2025 attempt by co-founders to take the company private at US$1.70 per share did not go through. Despite ending the year with US$62.4 million in cash and almost no debt, leadership concluded that the ongoing burdens of Nasdaq rules and SEC reporting no longer justified the benefits.
Compliance issues have added to the pressure in recent years. The company received delinquency notices from Nasdaq in 2024 for failing to file its 2023 annual report and first quarter 2024 quarterly report on time. It also settled an SEC investigation in 2024, agreeing to pay a US$1.5 million civil penalty over inaccurate disclosures of monthly active user data.
Read more: Green Thumb and Cresco Labs to enter the Texas medical cannabis market
WM Technology runs the Weedmaps platform
The company develops and operates Weedmaps, a leading online marketplace in the U.S. cannabis sector.
Consumers use the platform to find local dispensaries, browse products, read reviews and discover deals. Cannabis retailers and brands subscribe to Weedmaps for business services.
These include SaaS tools, featured listings and advertising options that help businesses reach customers more effectively. Featured and deal listings accounted for US$106.1 million of 2025 revenue, while subscriptions and other advertising made up the balance.
In addition to the core marketplace, the company invests in updates to search functionality, user experience and business tools. These efforts help the platform adapt to evolving state cannabis regulations and changing market conditions.
By moving to OTC Markets, WM Technology aims to shift management attention and spending away from exchange compliance toward product development and client support for its roughly 5,190 monthly paying customers.
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