Business
MarketWise Announces Common Stock Repurchase Program
BALTIMORE, Maryland, Nov. 10, 2021 (GLOBE NEWSWIRE) -- MarketWise, Inc. (NASDAQ: MKTW) (the “Company”), formerly known as Beacon Street Group, a leading
About this update from Marketwise, Inc.
[{"type":"text","content":"BALTIMORE, Maryland, Nov. 10, 2021 (GLOBE NEWSWIRE) -- MarketWise, Inc. (NASDAQ: MKTW) (the “Company”), formerly known as Beacon Street Group, a leading multi-brand digital subscription services platform providing premium financial research, software, education, and tools for self-directed investors, today announced that the Board of Directors of the Company authorized the repurchase of up to $35 million in aggregate of shares of the Company’s Class A common stock, with the authorization to expire on November 3, 2023. Mark Arnold, Chief Executive Officer of the Company, commented, “We believe repurchasing shares when it is highly accretive is a proper deployment of capital and provides support for our investors when we view the stock as significantly undervalued. We believe our share price, by most any measure, is under-valued, and we intend to repurchase shares when the returns realized from those repurchases are greater than the returns we can earn organically in our business. We are reaffirming the strength of the business and the tremendous value we believe exists at these prices.” Mr. Arnold continued, “Our business is capex-light, and we have sufficient excess cash on our balance sheet which can be put to work for a buyback without impacting our company’s ability to grow organically.” Stock repurchases under this program will be made from time to time, on the open market, in privately negotiated transactions or by other methods, at the discretion of the management of the Company and in accordance with the limitations set forth in Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, and other applicable legal requirements. The timing of the repurchases will depend on market conditions and other requirements. The Company currently anticipates the share repurchase program will extend over a two-year period, or such shorter period if $35 million in aggregate of shares have been repurchased. The share repurchase program does not obligate the Company to repurchase any dollar amount or number of shares, and the program may be extended, modified, suspended, or discontinued at any time. For each share of Class A common stock the Company repurchases under the share repurchase program, MarketWise, LLC, the Company’s direct subsidiary, will redeem one common unit of MarketWise, LLC held by the Company, decrea...