WM Technology Board Member's Stock Activity Signals Long-term Commitment Despite Sales

Filing Impact

(Neutral)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

WM Technology (MAPS) Director Anthony Bay reported multiple transactions on Form 4:

On June 23, 2025, sold 10,100 shares at $1.02 per share
On June 24, 2025, sold 36,775 shares at average price of $0.911
Also on June 24, received 545,454 RSUs that vest in three equal annual installments starting from next stockholder meeting

Sales were executed under a 10b5-1 trading plan established September 13, 2024, primarily to cover tax obligations from RSU vesting. Following these transactions, Bay directly owns 896,034 shares of Class A Common Stock. The RSU grant represents significant long-term equity compensation, while the sales were primarily for tax obligation purposes.

Positive

Director Anthony Bay received a significant new equity grant of 545,454 RSUs, demonstrating long-term alignment with shareholders

Negative

Director Anthony Bay sold 46,875 shares at low prices ($0.91-$1.02), though primarily for tax obligations

Insider Trade Summary

Net Seller: 46,875 shares ($43,804)

Net Sell 3 txns

Insider BAY ANTHONY

Role Director

Sold 46,875 shs ($44K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	36,775	$0.911	$34K
Grant/Award	Class A Common Stock	545,454	$0.00	--
Sale	Class A Common Stock	10,100	$1.02	$10K

Holdings After Transaction: Class A Common Stock — 350,580 shares (Direct)

Footnotes (1)

The Reporting Person sold the number of shares of Class A Common Stock necessary to cover applicable tax obligations realized upon the vesting of restricted stock units, as well as any related brokerage commission fees. Shares sold pursuant to a 10b5-1 trading plan adopted by the Reporting Person on September 13, 2024. Price reported is a weighted-average sales price. The shares were sold at prices ranging from $0.9101 to $0.9141. The Reporting Person will provide upon request to the SEC, the Issuer or security holder of the Issuer, full information regarding the number of shares sold at each separate price. Represents the number of shares of Class A Common Stock underlying restricted stock units ("RSUs"). Each RSU represents the contingent right to receive one share of the Issuer's Class A Common Stock. The RSUs will fully vest in three equal annual installments on the date of the next three annual meeting of stockholders, beginning with the Issuer's next annual meeting of stockholders subsequent to the effectiveness of this RSU grant, subject to acceleration, and subject to the Reporting Person's Continuous Service (as defined in the Issuer's 2021 Equity Incentive Plan) through such vesting date.

Form 4 Insider Transactions: What Each Field Means →

06/25/2025 - 07:05 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BAY ANTHONY

(Last)

(First)

(Middle)

C/O WM TECHNOLOGY, INC.

41 DISCOVERY

(Street)

IRVINE

92618

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
WM TECHNOLOGY, INC. [ MAPS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/23/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	06/23/2025		S⁽¹⁾⁽²⁾		10,100	D	$1.02	387,355	D
Class A Common Stock	06/24/2025		S⁽¹⁾⁽²⁾		36,775	D	$0.911⁽³⁾	350,580	D
Class A Common Stock	06/24/2025		A		545,454⁽⁴⁾	A	$0	896,034	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The Reporting Person sold the number of shares of Class A Common Stock necessary to cover applicable tax obligations realized upon the vesting of restricted stock units, as well as any related brokerage commission fees.

2. Shares sold pursuant to a 10b5-1 trading plan adopted by the Reporting Person on September 13, 2024.

3. Price reported is a weighted-average sales price. The shares were sold at prices ranging from $0.9101 to $0.9141. The Reporting Person will provide upon request to the SEC, the Issuer or security holder of the Issuer, full information regarding the number of shares sold at each separate price.

4. Represents the number of shares of Class A Common Stock underlying restricted stock units ("RSUs"). Each RSU represents the contingent right to receive one share of the Issuer's Class A Common Stock. The RSUs will fully vest in three equal annual installments on the date of the next three annual meeting of stockholders, beginning with the Issuer's next annual meeting of stockholders subsequent to the effectiveness of this RSU grant, subject to acceleration, and subject to the Reporting Person's Continuous Service (as defined in the Issuer's 2021 Equity Incentive Plan) through such vesting date.

	Anthony Bay, by /s/ Brian Camire, Attorney-in-Fact	06/25/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

How many MAPS shares did Director Anthony Bay sell on June 23-24, 2025?

Director Anthony Bay sold a total of 46,875 shares of MAPS Class A Common Stock across two transactions: 10,100 shares at $1.02 on June 23, 2025, and 36,775 shares at an average price of $0.911 on June 24, 2025.

Why did MAPS Director Anthony Bay sell shares in June 2025?

The sales were made to cover applicable tax obligations realized upon the vesting of restricted stock units (RSUs), as well as related brokerage commission fees. The transactions were executed pursuant to a 10b5-1 trading plan adopted by Bay on September 13, 2024.

How many new restricted stock units (RSUs) did MAPS Director Bay receive?

Director Anthony Bay received 545,454 new restricted stock units (RSUs) on June 24, 2025. Each RSU represents the right to receive one share of MAPS Class A Common Stock. The RSUs will vest in three equal annual installments on the dates of the next three annual stockholder meetings.

What is Anthony Bay's total MAPS stock ownership after the June 2025 transactions?

Following the reported transactions, Anthony Bay directly owned 896,034 shares of MAPS Class A Common Stock. This reflects the sale of 46,875 shares and the addition of 545,454 new RSUs to his previous holdings.