WM Technology to Voluntarily Delist from Nasdaq and Move to OTC Markets

WM Technology Inc., the parent company of the cannabis platform Weedmaps, has announced its decision to voluntarily delist its common stock from the Nasdaq Global Select Market. The company plans to transition its shares to the OTC Markets, citing thin trading volumes and the substantial costs associated with maintaining a Nasdaq listing. This strategic move follows a period of regulatory challenges, including a settlement with the SEC and multiple delinquency notices for delayed financial reporting. Management indicated that the high compliance burdens outweighed the benefits of remaining on a major exchange under current market conditions. Delisting from a major exchange typically results in reduced liquidity and lower visibility for institutional investors. The transition marks a significant shift as the company seeks to manage financial and regulatory pressures within the cannabis industry.