WM Technology co-founders Douglas Francis and Justin Hartfield are backing out of a deal to purchase the company’s outstanding common stock.
WM Technology is the Irvine, California-based parent company of cannabis advertising platform Weedmaps.
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Francis, the company’s CEO, and Hartfield will continue to evaluate the deal and could submit an alternative proposal, according to a Tuesday news release.
In December, Francis and Hartfield submitted a proposal to take WM Technology private.
The proposal was to acquire the stock for $1.70 per share, which would have represented:
A 39% premium on the stock closing price on Dec. 17. A 52% premium on implied enterprise value as of Dec. 17. A 65% premium to the volume-weighted average price of the past year.
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