In a recent 8K filing with the SEC, WM Technology, Inc. disclosed the outcomes of its 2024 Annual Meeting of Stockholders, which took place on July 24, 2024. The Irvine, California-based prepackaged software services company, which trades on the Nasdaq Global Select Market under the ticker MAPS and MAPSW for its Class A Common Stock and Warrants respectively, reported significant shareholder participation with approximately 72% of outstanding shares represented at the meeting.
During the meeting, stockholders elected two Class II Directors to serve until the 2026 Annual Meeting or until their successors are appointed. Douglas Francis received 68,732,279 votes in favor and 8,436,763 votes withheld. Scott Gordon received 62,194,151 votes for and 14,974,891 votes withheld. The company did not report any broker non-votes for the election of directors.
Additionally, shareholders cast their votes on an advisory basis regarding the compensation of the company's named executive officers for the year ended 2023. The proposal received 75,623,311 votes for, 1,367,477 against, and 178,254 abstentions, with 31,066,176 broker non-votes.
The third proposal, concerning the ratification of the selection of Moss Adams LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024, was also approved by the stockholders with 106,546,321 votes for, 1,149,302 against, and 539,595 abstentions.
The 8K filing, which serves as the source of this information, was officially filed with the SEC on July 29, 2024, and provides a factual account of the voting results without offering opinions or recommendations. The filing ensures transparency for investors and stakeholders regarding the company's governance and oversight practices.
In other recent news, WM Technology has been facing a series of developments. The company has agreed to a $1.5 million settlement with the Securities and Exchange Commission (SEC) over an investigation into the reporting of its monthly active users. This agreement followed an internal investigation and subsequent voluntary report to the SEC by WM Technology. The company has also seen significant executive changes with the resignation of its Chief Technology Officer, Duncan Grazier, who will continue to serve in an advisory role until a replacement is found.
In addition to these changes, WM Technology's Executive Chair, Douglas Francis, was awarded a discretionary performance bonus of $835,000 for fiscal year 2023. The company is also working to resolve Nasdaq compliance issues related to delays in filing required financial reports, attributing these delays to a recent change in executive finance leadership. These are recent developments reflecting ongoing changes within WM Technology.
The company is now diligently working to finalize its financial statements and plans to file the annual report promptly, followed by the quarterly report. It's worth noting that these developments are based on the analysis of various analysts and are subject to change.
InvestingPro Insights
In light of WM Technology, Inc.'s recent shareholder meeting outcomes, a look at the company's financial metrics and InvestingPro Tips might provide investors with a broader perspective. With a market cap of approximately $185.87 million, the company's valuation reflects its current market position. Notably, WM Technology, Inc. boasts a gross profit margin of 93.9% for the last twelve months as of Q1 2024, underscoring its efficiency in managing production costs relative to sales.
InvestingPro Tips suggest that the company's high shareholder yield and impressive gross profit margins are key strengths. These factors are particularly relevant given the shareholder focus on the company's governance and executive compensation. Additionally, while the company has operated with a moderate level of debt, it's important to note that analysts predict profitability within the current year, which could signal a turning point for the company's financial performance.
For those interested in a deeper analysis, InvestingPro offers a total of 8 tips for WM Technology, Inc., which can be accessed at https://www.investing.com/pro/MAPS. Investors seeking to leverage these insights can use the coupon code PRONEWS24 to receive up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, providing a comprehensive view of the company's potential.
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