Fri, Aug 30, 8:37 PM (137 days ago)
WM Technology, Inc. filed Amendment No. 1 to its Form 10-K for the fiscal year ending December 31, 2023, primarily to restate its management report on internal controls over financial reporting. The amendment reveals that the company's internal controls were deemed ineffective as of year-end due to material weaknesses, particularly in information technology (IT) general controls and process-level controls related to financial reporting. These deficiencies raise concerns about the reliability of financial statements and could lead to material misstatements. The company reported no changes in internal control processes that materially affected its financial reporting during the last quarter. However, past remediation efforts to address previously identified weaknesses were not fully successful, which contributed to ongoing issues. The lack of effective controls could adversely impact WM Technology's ability to report accurate financial information, potentially reducing market confidence and affecting stock performance. Overall, the amendment does not alter financial performance metrics but highlights significant risk factors regarding internal controls that could impact future reporting and operational integrity.