MarketWise Announces Leadership Changes to Strengthen Operations and Business Performance; Declares Regular Dividend of Approximately $2.9 Million or $0.01 Per Share; Declares Special Dividend of Approximately $50.0 Million or $0.15 Per Share

BALTIMORE, Oct. 18, 2023 (GLOBE NEWSWIRE) -- MarketWise, Inc. (NASDAQ: MKTW) (“MarketWise” or “the Company”), a leading multi-brand digital subscription services platform that provides premium financial research, software, education, and tools for self-directed investors, today announced a series of leadership changes to strengthen the Company’s operations and business performance.

• The Board of Directors of MarketWise appointed MarketWise founder F. Porter Stansberry as Chairman of the Board and Chief Executive Officer, effective immediately.
• Amber Lee Mason has resigned as Chief Executive Officer of MarketWise and from the Board of Directors.
• Mark Gerhard and Riaan Hodgson, both members of the MarketWise Board of Directors, have resigned their positions, effective immediately.
• Marco Ferri, Chief Corporate Development Officer of MarketWise, was terminated without cause effective October 13, 2023. Mr. Ferri will remain with the Company as a consultant.
• The Company has announced that it will initiate an internal review of current operations with the intent to enhance alignment, improve efficiency, and increase cash flow and intrinsic value of the business.
• The Company announced a regular dividend to shareholders of Class A common stock of $0.01 per share. A comparable distribution of $0.01 per unit has also been approved to holders of MarketWise, LLC units. The dividend and distribution, which totals approximately $2.9 million in the aggregate, will be paid on January 25, 2024, to shareholders and unitholders of record as of December 25, 2023. At June 30, 2023, the Company had a cash balance of $187.0 million.
• Given the strong balance sheet of the Company, and after a capital allocation review, the Company also announced a special dividend to shareholders of Class A common stock of $0.15 per share. A comparable distribution of $0.15 per unit has also been approved to holders of MarketWise, LLC units. The dividend and distribution, which totals approximately $50 million in the aggregate, will be paid on December 1, 2023, to shareholders and unitholders of record as of November 10, 2023.
  

Mr. Stansberry commented, “I’m grateful to our shareholders and the board members who asked me to come back and resume leading the company. MarketWise is an incredible business. It has a long history of performing for its subscribers and its shareholders. I am confident that, working with our talented teams, we can improve the company's financial performance, while building out great new products for our subscribers. I look forward to setting new standards at the company for growth, efficient capital allocation, and subscriber satisfaction.”