IRVINE, Calif.–(BUSINESS WIRE)– WM Expertise, Inc. (“WM Expertise” or the “Firm”) (Nasdaq: MAPS), introduced that it acquired a notification of anticipated delinquency from the Nasdaq Itemizing {Qualifications} Division on April 2, 2024. which indicated that the Firm was not in compliance with Nasdaq Itemizing Rule 5250(c)(1) because of the Firm's failure to well timed file its Annual Report on Kind 10-Okay for the 12 months ended December 31 in 2023 (“Annual Report”). Nasdaq's itemizing guidelines require listed firms to well timed file all required periodic monetary reviews with the Securities and Trade Fee (the “SEC”). This notification has no quick impact on the itemizing of the Firm's securities on Nasdaq.
As described within the Firm's Kind 12b-25 Notification of Late Submitting filed on March 18, 2024, and the following Kind 8-Okay filed on April 1, 2024, the delay within the submitting of the Annual Report of the Firm is because of a current change within the Firm. government monetary administration and the corresponding delay in getting ready the Firm's monetary statements to be included within the Annual Report and the Firm's want to finish extra monetary closing procedures related to a number of materials weaknesses in inner management on monetary reviews.
Nasdaq has notified the Firm that it should submit a plan to regain compliance (the “Plan”) inside 60 calendar days, or by June 3, 2024, to deal with the way it intends to regain compliance with the Nasdaq itemizing guidelines. If accepted, Nasdaq might grant an exception of as much as 180 calendar days from the unique due date of the Annual Report, or till September 30, 2024, to regain compliance. The Firm will file the Kind 10-Okay as quickly as attainable and anticipates that the Kind 10-Okay shall be filed earlier than the date on which the Firm is required to file the Plan, nevertheless, if the Kind 10-Okay is just not filed . from that date, the Firm will as a substitute submit the Plan.
The Firm will proceed to work diligently to finish and file the Annual Report as quickly as attainable and can take the required steps to regain compliance with Nasdaq itemizing guidelines as quickly as attainable.
About WM know-how
Based in 2008, WM Expertise operates Weedmaps, a number one client hashish market, in addition to a complete set of eCommerce options and compliance software program for hashish companies and types within the states' authorized markets. united WM Expertise has a robust perception within the energy of hashish and the significance of permitting authorized and secure entry to shoppers worldwide.
Over the previous 15 years, the Weedmaps market has turn out to be a premier vacation spot for hashish shoppers to find and browse hashish merchandise, entry each day dispensary provides, pre-order for pickup and supply from taking part retailers (if relevant), and study concerning the plant. The Firm additionally provides eCommerce enablement instruments designed to assist hashish retailers and types attain shoppers, create enterprise efficiencies and handle industry-specific compliance necessities.
The Firm is dedicated to advocating for full US legalization, social fairness all through the {industry}, and continued schooling concerning the plant by key companions and hashish specialists.
Headquartered in Irvine, California, WM Expertise helps distant and hybrid work for eligible staff. Go to us at www.weedmaps.com.
