Salabop

Not a financial advisor $MAPS $MSOS

@Uzocapital @Dougfrancis

Extremely shady move by $MAPS insiders, who are clearly trying to steal the company on the cheap. I suspect they attempt another take under, while the stock's EV is negligible or even negative after retail capitulate.

@HenryLuMencken @Dougfrancis

Delisting a cannabis business Immediately prior to federal cannabis reform Has got to be one of the most blatant shareholder frauds ever. Cant wait for the lawsuit. $MAPS

@MrMojoRisinX @Dougfrancis

I received several messages this morning on that other platform (subbbbbb.....st*ck) about ticker $MAPS. I am not that familiar with this company/stock, but I have heard a pitch and recall the insiders attempting a management led buyout in the past. I am not involved and am very unlikely to get involved directly as I am pretty busy with some other mandates that involve constructively working with c-suites to effectuate change. If I understand this correctly, $MAPS runs a two-sided cannabis technology platform. Weedmaps connects cannabis buyers to licensed dispensaries on the consumer side. WM Business sells SaaS tools including menu management, CRM, loyalty programs, and delivery logistics on the merchant side. Revenue comes from monthly listing subscriptions and advertising placements. Seems like there are potential buyers for this business ranging from DASH, UBER, GoPuff, perhaps even direct competitors like YELP, and then distressed PE who would likely restructure the business, clean it up, wait for rescheduling catalyst, and then flip to a strategic partner. Jack Dorsey and Block are also interesting here given Block's existing presence in the payments and POS space for small merchants, and cannabis dispensaries are exactly the kind of underserved merchant vertical that fits that thesis. So today, MAPS surprised its holder base with not another take private proposal but instead announced it would voluntarily delist from Nasdaq and move to OTC markets. The company plans to file a Form 15, which terminates its SEC reporting obligations entirely, and the last day of Nasdaq trading is expected to be April 24, 2026. Btw $TOKE owns 800k shares and is also liquidating so they probably exited their position today in this 50% downdraft (12mn+shares have traded). Again, I am new to this situation, but this looks coordinated and frankly well thought out. The MAPS board was almost entirely replaced in the months prior to this announcement. Three new directors were appointed between February and March 2026, all with ties to the founders or cannabis private deals. Scott Gordon, the most prominent independent voice and former CEO of the SPAC that took MAPS public, resigned one day before the delisting was announced. The company also switched auditors four days before the announcement. Co-founders Doug Francis and Justin Hartfield control roughly 40% of the combined voting stock. Francis is now both CEO and Chairman. They previously attempted a take-private bid at $1.70 per share in late 2024 but withdrew it in June 2025 after a special committee was formed to evaluate it. I want to be careful here, but this is how I see the alleged strategy. By delisting before making any formal bid, the founders avoid triggering Delaware's "Entire Fairness" review standard, which would require a fairness opinion from an investment bank that would almost certainly highlight the gap between the $62 million cash position and the market cap. Once the stock drifts to pennies on OTC with no institutional coverage and no SEC filings, they can make a lowball offer and claim they are paying a premium to the OTC price. They then wait for federal cannabis rescheduling or banking reform and sell to a strategic buyer at a massive multiple. From there, a Nevada reincorporation becomes the logical next move for bad actors who want to finish the job, and I have written about this playbook before in tweets and Inside Mojo. Delaware allows lawsuits for breach of the duty of loyalty. Nevada requires proof of intentional misconduct or fraud, a much higher bar. With founders controlling 40% of the vote and institutional holders likely exiting, pushing through a reincorporation vote becomes realistic. If these guys are as calculated as this looks, that is likely already on the whiteboard. Which is why anyone considering action needs to move with urgency. Once they go dark and reincorporate, the legal window closes pretty fast. On what shareholders can actually do today: the most actionable path is social media pressure combined with finding a white knight who believes in this business and can move quickly. And critically, a legitimate acquirer does not need to go through this board. A formal tender offer goes directly to shareholders and requires public SEC filings, meaning an interested party could bypass the board entirely and take an offer straight to holders before April 24. Any bidder crossing 5% ownership also triggers a mandatory Schedule 13D filing, so this does not happen quietly. The window to make that move while MAPS is still listed on Nasdaq is two weeks. The legal paths, breach of fiduciary duty and securities fraud tied to the prior MAU misrepresentation, a matter they have already settled once, are real but slow and expensive. If a formal merger or squeeze-out eventually happens, Delaware appraisal rights allow dissenting shareholders to demand a judicial valuation, but that is a years-long process. The white knight angle is the one worth pursuing hard and fast. Anyone seriously looking at this, feel free to reach out.

@RodAlzmann Customer replies are good on the app and downloads are sill coming in nicely on the App Store. I like looking at this business in a customers perspective

@RodAlzmann Whatever decision they decide on this event I’m not selling. I’m long I do think the future is bright I just hope I don’t get a low ball offer. I rather keep my shares in tough times

@RodAlzmann I think it gets vetoed and passes without signature. Just an opinion

@Patriot_Cruise @AMartinelliWA I would assume so since there was no public action

@AMartinelliWA Her office was apparently negotiating amendments earlier, but with no official action, it should become law, right? She had to send it back by midnight and the LIS is still showing awaiting her decision.

@AMartinelliWA @RodAlzmann

I tried to stay away from $MAPS over the weekend and I get this ad 🤦‍♂️ @weedmaps @WMTechnologyIR how about a deal to not to screw over shareholders for 4/20? 😂 $msos $gme

@drunknbass Been buying the dip since $1 in pain rn but I do believe in the company idk about management though.

@salabop Which one 🤣⚰️

Holy fuck!!

@DOMOCAPITAL @TheRoaringKitty Do you think their dilution is above normal for a growth stock? Do you think the $62 million cash they raised was from dilution? There’s no way you looked into this company.

This level of hating is wild 😂 You said the cash wouldn’t last but they’ve stayed cash positive and still have it on hand. Check the financials, the market tries to screw over retail all the time you should know $MAPS $GME $MSOS @TheRoaringKitty

@drunknbass @chrisbeals Fundamentally I thought this was a good stock. I’ll probably never talk about a stock again 😔

@salabop @chrisbeals Blame yourself for naively pumping this garbage stock trying to manipulate sentiment. They are crooks! Karma comes around.

I've been thinking a lot about lately is the absolute explosion of vector data AI is creating and the mass transformation of ephemeral data (e.g. phone calls) into permanent AI transcripts. I think we see earth changing litigation on this soon. chrisbeals.com/the-case-for-a…

@WMTechnologyIR How is delisting looking out for shareholders?

We'll be at the ICR conference next week in Orlando. Be sure to catch our CFO's fireside chat on Tuesday at 1:30pm. See you there 😎 ir.weedmaps.com/news-releases/…

@RodAlzmann With things heating up I’m hoping to get an update on schedule 3 first

@pangea_observer rodalzmann.substack.com

$MAPS NFA but does anyone follow this company and have a deep understanding? My spidey senses tell me they’re trying to go private and squeeze out shareholders. Am I far off?