By Denny Jacob
WM Technology confirmed it received a letter from a group that included Chief Executive Douglas Francis stating they are withdrawing their non-binding proposal to acquire all outstanding shares of the company they don't already own.
The group--which included Francis, stockholder Justin Hartfield and entities affiliated with them--said that due to certain external factors they were withdrawing their offer. A non-binding proposal in December proposed purchasing all the outstanding shares for $1.70 a share.
Francis and Hartfield said they would continue to evaluate a transaction and may submit an alternative proposal.
WM Technology provides technology and software infrastructure to the cannabis industry.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
June 25, 2025 16:33 ET (20:33 GMT)
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