WM Technology (MAPS) said Wednesday that it has received a non-binding proposal from its Chief Executive Officer, Chairman, and co-founder, Douglas Francis, as well as co-founder and stockholder, Justin Hartfield, to buy all outstanding common stock of the company that they do not already own for $1.70 per share.
Francis and Hartfield currently own about 32% of the outstanding shares of WM Technology's common stock.
The company said that its board of directors has formed a special committee to consider the proposal.
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