WM Technology Inc. today announced its voluntarily delisting from the Nasdaq.
The Irvine-based marketplace and technology solutions provider for the cannabis industry said that it’s delisting due to several reasons including constraints being on the Nasdaq placed on the company in providing services to the cannabis market and lack of liquidity, personnel and resources to remain on a national exchange.
“This decision is about positioning WM Technology to win over the long term,” Chairman and Chief Executive Doug Francis said in a statement.
WM Technology expects to begin trading on a market operated by the OTC Markets Group Inc. following delisting from the Nasdaq.
Shares in the company fell nearly 1% to 70 cents and a $123 million market cap at market close following the news (Nasdaq: MAPS).
