WM Technology, Inc. (NASDAQ: MAPS) was removed from the S&P TMI Index and the S&P Global BMI Index on April 29 2026, following the company’s voluntary delisting from Nasdaq earlier that month.
The delisting was announced on April 7 2026, with the last Nasdaq trading day scheduled for around April 24. The company subsequently moved to over‑the‑counter markets, a transition that reduced its market capitalization to approximately $45.39 million as of April 28 and lowered its liquidity profile below the thresholds required for inclusion in the S&P TMI and BMI indices.
WM Technology’s first‑quarter 2026 results showed revenue of $42 million to $44 million and adjusted EBITDA of $5 million to $7 million, while cash, cash equivalents and investments totaled about $57 million. These figures illustrate that the company remains profitable on a non‑GAAP basis, yet its small market cap and limited trading volume make it ineligible for the broad U.S. and global equity benchmarks.
The index removals reduce the company’s exposure to passive investment funds that track the S&P TMI and BMI indices, potentially tightening liquidity and limiting visibility to institutional investors. The move to OTC markets also signals a strategic shift toward greater operational flexibility in the cannabis sector, where regulatory constraints and limited comparable companies have historically constrained Nasdaq listing benefits.
Overall, the removal from the indices reflects WM Technology’s transition to a lower‑liquidity trading venue and underscores the challenges it faces in maintaining the market‑cap and liquidity standards required for inclusion in major equity benchmarks. The company continues to operate and report quarterly results, but its investor base and market visibility are likely to be affected by the change in listing status.
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