The share price of Weedmaps’ parent, WM Technology, popped Wednesday morning after its co-founders submitted a proposal to take the California company private.
Investors sent shares of the Irvine-based company – which trades as MAPS on the Nasdaq exchange – up nearly 25% on word of the potential deal and boosting its market cap to roughly $255 million.
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In a letter sent to shareholders on Tuesday and obtained by MJBizDaily, Weedmaps’ co-founders and its largest shareholders, Doug Francis and Justin Hartfield, submitted a nonbinding cash bid to acquire all outstanding shares of common stock for $1.70 per share.
The proposal represents:
A 39% premium on Tuesday’s market close. A 52% premium on implied enterprise value as of Tuesday. A 65% premium to the
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