As filed with the Securities and Exchange Commission on October 5, 2022
Registration No. 333-261466
Delaware | | | 7372 | | | 98-1605615 |
(State or Other Jurisdiction of Incorporation or Organization) | | | (Primary Standard Industrial Classification Code No.) | | | (I.R.S. Employer Identification No.) |
Large accelerated filer | | | ☒ | | | Accelerated filer | | | ☐ |
Non-accelerated filer | | | ☐ | | | Smaller reporting company | | | ☐ |
| | | | Emerging growth company | | | ☐ |
| | Page | |
| | ||
| | ||
| | ||
| | ||
| | ||
| | ||
| | ||
| | ||
| | ||
| | ||
| | ||
| | ||
| | ||
| | ||
| | ||
| |
• | our financial and business performance, including key business metrics and any underlying assumptions thereunder; |
• | our market opportunity and our ability to acquire new customers and retain existing customers; |
• | our expectations and timing related to commercial product launches; |
• | the success of our go-to-market strategy; |
• | our ability to scale our business and expand our offerings; |
• | our competitive advantages and growth strategies; |
• | our future capital requirements and sources and uses of cash; |
• | our ability to obtain funding for our future operations; |
• | the outcome of any known and unknown litigation and regulatory proceedings. |
• | changes in domestic and foreign business, market, financial, political and legal conditions; |
• | future global, regional or local economic and market conditions affecting the cannabis industry; |
• | the development, effects and enforcement of and changes to laws and regulations, including with respect to the cannabis industry; |
• | our ability to successfully capitalize on new and existing cannabis markets, including our ability to successfully monetize our solutions in those markets; |
• | our ability to manage future growth; |
• | our ability to develop new products and solutions, bring them to market in a timely manner, and make enhancements to our platform and our ability to maintain and grow our two sided digital network, including our ability to acquire and retain paying customers; |
• | the effects of competition on our future business; |
• | our success in retaining or recruiting, or changes required in, officers, key employees or directors; and |
• | the possibility that we may be adversely affected by other economic, business or competitive factors. |
| | Shares of ClassA Common Stock Beneficially Owned Prior to the Offering | | | Shares of Class A Common Stock Being Offered | | | Shares of Class A Common Stock Beneficially Owned After the Offering | |||||||
Name of Selling Securityholder | | | Number | | | Percent | | | Number | | | Percent | |||
Andrew & Ellen Astrove(1) | | | 10,423 | | | * | | | 10,423 | | | — | | | — |
Ashwin Surajbali(2) | | | 197,843 | | | * | | | 197,843 | | | — | | | — |
Bradley Nathan Albert(3) | | | 32,974 | | | * | | | 32,974 | | | — | | | — |
Diane Roskind(4) | | | 14,184 | | | * | | | 14,184 | | | — | | | — |
DJK Morris Investments, LLC(5) | | | 395,760 | | | * | | | 395,760 | | | — | | | — |
Farzin Arsanjani(6) | | | 7,092 | | | * | | | 7,092 | | | — | | | — |
Ian Cohen(7) | | | 3,331 | | | * | | | 3,331 | | | — | | | — |
Jennifer Goldman-Brisman(8) | | | 1,665 | | | * | | | 1,665 | | | — | | | — |
LCP Group, L.P.(9) | | | 14,184 | | | * | | | 14,184 | | | — | | | — |
LeRoy Robinson(10) | | | 3,175 | | | * | | | 1,665 | | | 1,510 | | | * |
M&S Investment Group, LLC(11) | | | 7,092 | | | * | | | 7,092 | | | — | | | — |
MembersRSVP, LLC(12) | | | 1,244,258 | | | 1.4% | | | 1,244,258 | | | — | | | — |
Michael Schlaefer(13) | | | 1,665 | | | * | | | 1,665 | | | — | | | — |
Yael Morris(14) | | | 6,662 | | | * | | | 6,662 | | | — | | | — |
* | Denotes less than one percent. |
(1) | Each of Andrew Astrove and Ellen Astrove is deemed to have power to vote or dispose of the Registrable Securities. |
(2) | Ashwin Surajbali is deemed to have power to vote or dispose of the Registrable Securities. |
(3) | Bradley Nathan Albert is deemed to have power to vote or dispose of the Registrable Securities. |
(4) | Diane Roskind is deemed to have power to vote or dispose of the Registrable Securities. |
(5) | Keith E. Morris is deemed to have power to vote or dispose of the Registrable Securities. Keith E. Morris is our Vice President. |
(6) | Farzin Arsanjani is deemed to have power to vote or dispose of the Registrable Securities. |
(7) | Ian Cohen is deemed to have power to vote or dispose of the Registrable Securities. |
(8) | Jennifer Goldman-Brisman is deemed to have power to vote or dispose of the Registrable Securities. |
(9) | E. Robert Roskind, in his capacity as Founder and Chairman of LCP Group, L.P., is deemed to have investment discretion and voting power over the Registrable Securities held by LCP Group, L.P. |
(10) | LeRoy Robinson is deemed to have power to vote or dispose of the Registrable Securities. |
(11) | Mehran Aliakbar serves as the managing member of M&S Investment Group, LLC. By virtue of this relationship, Mehran Aliakbar may be deemed to have voting and dispositive power with respect to the Registrable Securities held by M&S Investment Group, LLC. |
(12) | Jaret Christopher serves as the Chief Executive Officer of MembersRSVP, LLC. By virtue of this relationship, Jaret Christopher may be deemed to have voting and dispositive power with respect to the Registrable Securities held by MembersRSVP, LLC. Jaret Christopher is our Vice President and General Manager of Customer Relationship Management. |
(13) | Michael Schlaefer is deemed to have power to vote or dispose of the Registrable Securities. |
(14) | Yael Morris is deemed to have power to vote or dispose of the Registrable Securities. |
• | in whole and not in part; |
• | at a price of $0.01 per Public Warrant; |
• | upon not less than 30 days’ prior written notice of redemption to each holder of Public Warrants; and |
• | if, and only if, the reported last sales price of the shares of Class A Common Stock equals or exceeds $18.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date we send the notice of redemption to the holders of Public Warrants. |
• | for any transaction from which the director derives an improper personal benefit; |
• | for any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law; |
• | for any unlawful payment of dividends or redemption of shares; or |
• | for any breach of a director’s duty of loyalty to the corporation or its stockholders. |
• | the issuer of the securities that was formerly a shell company has ceased to be a shell company; |
• | the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act; |
• | the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and |
• | at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company. |
• | one percent (1%) of the total number of shares of Class A Common Stock then outstanding; or |
• | the average weekly reported trading volume of the Class A Common Stock during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale. |
• | an individual who is a citizen or resident of the United States; |
• | a corporation, or an entity treated as a corporation for U.S. federal income tax purposes, created or organized in the United States or under the laws of the United States or of any state thereof or the District of Columbia; |
• | an estate, the income of which is subject to U.S. federal income tax regardless of its source; or |
• | a trust if (a) a U.S. court can exercise primary supervision over the trust’s administration and one or more U.S. persons have the authority to control all of the trust’s substantial decisions or (b) the trust has a valid election in effect under applicable U.S. Treasury Regulations to be treated as a U.S. person. |
• | the gain is effectively connected with the conduct of a trade or business by the non-U.S. Holder within the United States (and, if an applicable tax treaty so requires, is attributable to a U.S. permanent establishment or fixed base maintained by the non-U.S. Holder); |
• | the non-U.S. Holder is an individual who is present in the United States for 183 days or more in the taxable year of disposition and certain other conditions are met; or |
• | we are or have been a “United States real property holding corporation” for U.S. federal income tax purposes at any time during the shorter of the five-year period ending on the date of disposition or the period that the non-U.S. Holder held our Class A Common Stock and, in the case where shares of our Class A Common Stock are regularly traded on an established securities market, the non-U.S. Holder is disposing of our Class A Common Stock and has owned, directly or constructively, more than 5% of our Class A Common Stock at any time within the shorter of the five-year period preceding the disposition or such Non-U.S. Holder’s holding period for the shares of our Class A Common Stock. There can be no assurance that our Class A Common Stock will be treated as regularly traded or not regularly traded on an established securities market for this purpose. |
• | purchases by a broker-dealer as principal and resale by such broker-dealer for its own account pursuant to this prospectus; |
• | ordinary brokerage transactions and transactions in which the broker solicits purchasers; |
• | block trades in which the broker-dealer so engaged will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction; |
• | an over-the-counter distribution in accordance with the rules of Nasdaq; |
• | through trading plans entered into by a Selling Securityholder pursuant to Rule 10b5-1 under the Exchange Act, that are in place at the time of an offering pursuant to this prospectus and any applicable prospectus supplement hereto that provide for periodic sales of their securities on the basis of parameters described in such trading plans; |
• | short sales; |
• | distribution to employees, members, limited partners or stockholders of the Selling Securityholders; |
• | through the writing or settlement of options or other hedging transaction, whether through an options exchange or otherwise; |
• | by pledge to secured debts and other obligations; |
• | delayed delivery arrangements; |
• | to or through underwriters or broker-dealers; |
• | in “at the market” offerings, as defined in Rule 415 under the Securities Act, at negotiated prices, at prices prevailing at the time of sale or at prices related to such prevailing market prices, including sales made directly on a national securities exchange or sales made through a market maker other than on an exchange or other similar offerings through sales agents; |
• | in privately negotiated transactions; |
• | in options transactions; |
• | through a combination of any of the above methods of sale; or |
• | any other method permitted pursuant to applicable law. |
• | our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 25, 2022; |
• | our Definitive Proxy Statement on Form DEF 14A for the year ended December 31, 2021, filed on April 29, 2022; |
• | our Quarterly Reports on Form 10-Q for the quarter ended March 31, 2022, filed with the SEC on May 6, 2022, and for the quarter ended June 30, 2022, filed with the SEC on August 9, 2022; |
• | our Current Reports on Form 8-K filed with the SEC on March 11, 2022, June 27, 2022 and August 9, 2022 to the extent the information in such reports is filed and not furnished; and |
• | the description of securities contained in Exhibit 4.5 of our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 25, 2022, and any amendment or report filed with the SEC for the purpose of updating such description. |
Item 14. | Other expenses of issuance and distribution. |
| | Amount | |
SEC registration fee | | | $1,268 |
Legal fees and expenses | | | 250,000 |
Accounting fees and expenses | | | 15,000 |
Miscellaneous | | | 65,000 |
Total | | | $331,268 |
Item 15. | Indemnification of Directors and Officers. |
• | for any transaction from which the director derives an improper personal benefit; |
• | for any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law; |
• | for any unlawful payment of dividends or redemption of shares; or |
• | for any breach of a director’s duty of loyalty to the corporation or its stockholders. |
Item 16. | Exhibits. |
Exhibit No. | | | Description |
| | Agreement and Plan of Merger, dated December 10, 2020, by and among Silver Spike, Merger Sub, Legacy WMH, and the Holder Representative named therein (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed on December 10, 2020). | |
| | Certificate of Incorporation of the Company, dated June 15, 2021 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on June 21, 2021). | |
| | Amended and Restated Bylaws of the Company, dated June 16, 2021 (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K filed on June 21, 2021). | |
| | Form of Common Stock Certificate of the Company (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed on June 21, 2021). | |
| | Description of Securities (incorporated by reference to Exhibit 4.5 to the Annual Report on Form 10-K filed on February 25, 2022). | |
| | Opinion of Cooley LLP* | |
| | Consent of Baker Tilly US, LLP | |
| | Consent of Cooley LLP (included in Exhibit 5.1) | |
| | Power of Attorney (included on signature page of Registration Statement on Form S-1 filed on July 8, 2021) | |
| | Power of Attorney (included on signature page) |
* | Previously filed. |
Item 17. | Undertakings. |
(a) | The undersigned registrant hereby undertakes: |
(1) | To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: |
(i) | to include any prospectus required by Section 10(a)(3) of the Securities Act; |
(ii) | to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission (the “Commission”) pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and |
(iii) | to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; |
(2) | That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
(3) | To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. |
(4) | That, for the purpose of determining liability under the Securities Act to any purchaser: |
(i) | Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and |
(ii) | Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date. |
(5) | That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: |
(i) | Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424; |
(ii) | Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; |
(iii) | The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and |
(iv) | Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. |
(6) | That, for purposes of determining any liability under the Securities Act, each filing of the Registrant’s annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
(b) | Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. |
| | WM TECHNOLOGY, INC. | ||||
| | | | |||
| | /s/ Christopher Beals | ||||
| | Name: | | | Christopher Beals | |
| | Title: | | | Chief Executive Officer |
Signature | | | Title | | | Date |
/s/ Christopher Beals | | | Chief Executive Officer and Director (Principal Executive Officer) | | | October 5, 2022 |
Christopher Beals | | |||||
| | | | |||
/s/ Arden Lee | | | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | | | October 5, 2022 |
Arden Lee | | |||||
| | | | |||
* | | | Director | | | October 5, 2022 |
Tony Aquila | | |||||
| | | | |||
/s/ Anthony Bay | | | Director | | | October 5, 2022 |
Anthony Bay | | | | | ||
| | | | |||
* | | | Director | | | October 5, 2022 |
Douglas Francis | | |||||
| | | | |||
* | | | Director | | | October 5, 2022 |
Brenda Freeman | | |||||
| | | | |||
* | | | Director | | | October 5, 2022 |
Olga Gonzalez | | |||||
| | | | |||
* | | | Director | | | October 5, 2022 |
Scott Gordon | |
Signature | | | Title | | | Date |
| | | | |||
* | | | Director | | | October 5, 2022 |
Justin Hartfield | | |||||
| | | | |||
* | | | Director | | | October 5, 2022 |
Fiona Tan | | |||||
| | | | |||
/s/ Arden Lee | | | Attorney-in-Fact | | | October 5, 2022 |
Arden Lee | |