WM Technology, Inc. (MAPS), a leading provider of prepackaged software services with a market capitalization of $229 million, has announced the appointment of Sarah Griffis as its new Chief Technology Officer, effective January 6, 2025. The company, which maintains impressive gross profit margins of 94.8%, disclosed this information in a recent 8-K filing with the U.S. Securities and Exchange Commission.
Griffis, 35, brings a wealth of experience from the healthcare technology sector, having previously served as CTO at Cerebral Inc. and held key technology positions at GoodRx and Kindbody. Her academic credentials include a B.S. in Environmental and Science Engineering from the California Institute of Technology.
In her new role at WM Technology, Griffis will receive an annual base salary of $400,000, a target bonus of 50% of her base salary, a $25,000 signing bonus, and 1,800,000 service-based vesting restricted stock units (RSUs). These RSUs will vest over a three-year period, starting on February 15, 2026, contingent upon continuous service with the company.
Additionally, WM Technology informed investors that it has regained compliance with the Nasdaq's minimum bid price requirement. The company's stock maintained a closing bid price of at least $1.00 per share for 10 consecutive business days, from November 18 to December 2, 2024. This development follows a previous notice from Nasdaq regarding non-compliance. According to InvestingPro data, the stock has shown remarkable momentum with a 98.5% return year-to-date, while analysts maintain a Strong Buy consensus with significant upside potential.
The company's filing, which includes further details of Griffis's employment agreement, will be available in the Annual Report on Form 10-K for the year ended December 31, 2024.
The company's shares are traded on the Nasdaq Global Select Market under the ticker symbols NASDAQ:MAPS for Class A common stock and NASDAQ:MAPSW for warrants.
InvestingPro analysis reveals the company holds more cash than debt and maintains strong liquidity with a current ratio of 2.14. For deeper insights into MAPS's financial health and 12+ additional ProTips, subscribers can access the comprehensive Pro Research Report.
This article is based on statements from a press release and has been produced to provide a clear and factual summary of WM Technology's recent corporate developments.
In other recent news, WM Technology, a prominent player in the cannabis sector, delivered strong Q3 results, despite facing industry challenges. The company reported net revenues of $46.6 million and adjusted EBITDA of $11.3 million, marking the eighth consecutive quarter of positive adjusted EBITDA profitability. WM Technology also disclosed it has $45 million in cash and continues to be debt-free.
Looking forward, the company expects Q4 net revenues to be around $46 million, with a projected non-GAAP adjusted EBITDA estimated at $7 million. Amid regulatory uncertainties, particularly around federal cannabis reform and hemp regulation, WM Technology plans to expand its marketplace, including hemp, seeds, and cannabis hardware.
However, the company has experienced a slight decline in net revenues year-over-year due to lower spending on featured listings and the impact of discontinuing certain products. The average monthly paying clients also decreased by approximately 6% compared to the same period last year. Despite these challenges, WM Technology continues to focus on long-term success and efficient marketplace operations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.