WM Technology, Inc. (Nasdaq: MAPS) filed a Form S-1 with the Securities and Exchange Commission on December 2, 2021 to register for resale shares of Class A common stock of the company previously issued as partial consideration for previously announced acquisitions that occurred in the fiscal third quarter of 2021. Weedmaps said it would not receive any proceeds from the sales of the shares.
In the third quarter Weedmaps bought MembersRSVP, LLC and Text Ripple, Inc. collectively known as “Sprout” and the equity interests of Transport Logistics Holding Company also known as Merry Go Jane (“Cannveya and Canncurrent”). As part of the deal, Weedmaps issued a total of 1,938,798 shares of Class A common stock to certain stakeholders of the counterparties to such transactions.
Back in June, Weedmaps combined with the SPAC Silver Spike Acquisition Corp. and became known as WMH and Silver Spike changed its name to WM Technology, Inc.
As a result of the Business Combination, holders of units of WMH will be able to exchange such Units, together with corresponding shares of Class V common stock of the company, for Class A common stock of the Company during Quarterly Exchange Notice Periods, the first of which begins on the third business day after the Company announces its Q4 FY21 earnings. The company though has not released a date for that announcement. After any such exchange, such holders would be able to sell their shares of Class A Common Stock.