WM Technology, parent company of Weedmaps, a cannabis marketplace for consumers, today confirmed that it has received a non-binding proposal from Douglas Francis, founder, CEO and board chair WM Technology, and Justin Hartfield, a founder and stockholder of WM Technology, to purchase all of the outstanding common stock of WM Technology they don't already own.
Francis and Hartfield currently own approximately 32% of the outstanding shares of WM Technology’s common stock.
According to the terms of the proposal, Francis and Hartfield would acquire the remaining shares for $1.70 per share of common stock of WM Technology.
The company's board has formed a special committee consisting of disinterested and independent directors to consider the proposal. The special committee has retained Evercore as its independent financial advisor and Allen Overy Shearman Sterling as its independent legal advisor.
"The special committee intends to carefully consider the proposal with the assistance of its outside financial and legal advisors and is committed to acting in the best interests of WM Technology and all of its stockholders. There can be no assurance that any definitive agreement will be executed, or that the proposed transaction or any other transaction will be approved or consummated. WM Technology does not intend to comment on or disclose further developments regarding the special committee’s consideration of the proposal unless and until it deems further disclosure is appropriate or required," the company wrote in a news release.
Founded in 2008, WM Technology operates Weedmaps along with a set of eCommerce and compliance software solutions for cannabis businesses and brands in U.S. state-legal markets.
