mispriced

so... who's going to tell WSB about rescheduling? $MSOS $MAPS

$MAPS as a follow up to board declassification, I suggest collapsing the dual share class voting structure and the TRA. You can directly copy $FOUR s homework on this one. @WMTechnologyIR

@hdemott3 @WMTechnologyIR Correction on $MAPS: 1. The 2025 10-K incorporates related party disclosures by reference from the proxy so today's proxy technically fulfills the disclosure obligation for Shield. 2. Shield is not a dispensary — it is a cannabis brand/manufacturer/distributor. NFA. Long $MAPS.

@hdemott3 @WMTechnologyIR Attaching a snippet of $MAPS 2025 10K. While Shield and Glasir are sporadically disclosed, I don't see Shield mentioned here and don't know how to reconcile these amounts with what's in today's preliminary proxy.

New on $MAPS As expected, MAPS filed form 25 to delist today. Preliminarily announcing a listing on OTCQX and relatively stable revenue/EBITDA trends was a relative positive, all things considering

@chat_SBC $MAPS NFA

any heavily shorted names that could be next $BIRD? $CMRC $MAPS $PEW seem like decent candidates

@AltaFoxCapital $MAPS trading at ~0 EV despite 95% GPM and $40m LTM EBITDA with potential tailwinds from rescheduling Mgmt voluntarily de-listing the biz, tanking the stock to $0.40/sh, possibly to get a sweetheart take under deal for themselves (last offer $1.70 in 12/24) NFA

Semi-regular post: what is the highest quality SMID-cap you have come across which would benefit from improved governance/strategy?

@AMartinelliWA @dhnovak @kylejaeger @Bebchuk @natsfert @TiffanyKary @_chrisroberts @WSJ @m_delamerced @dealbook @LaurenSHirsch @AshleyAtTimes Disclosure: I am long $MAPS and may reduce or exit my position at any time. This is not investment advice.

@AMartinelliWA @dhnovak @kylejaeger @bebchuk @natsfert @TiffanyKary @_chrisroberts @WSJ @m_delamerced @dealbook @LaurenSHirsch @AshleyAtTimes

$MAPS 2023: stock in the 0.70s. Calls it a multibagger 2026: stock in the 0.70s. Votes to delist the company Value destruction for the minorities, but not for me! NFA

@moazzam0_reddit Yes, I don't comp it to Drizly because it's a COVID valuation But still, point stands that a $100m TRA payout is like 2.5 turns of EBITDA

@mispricedrisk Btw this is the real reason $maps co-founders hide GMV. They don't want investors to think about the company according to an industry standard, take-rate on GMV model. That throws off attempts to value the company appropriately.

all I can say is karma's real. it would be hilarious if rescheduling happens on 4/20 and the stock rips . watch how fast they withdraw the delisting when they have to pay a premium to intrinsic $MAPS