Business
MarketWise Repudiates False Claims in Porter Stansberry’s August 11, 2023 Letter
BALTIMORE, Aug. 24, 2023 (GLOBE NEWSWIRE) -- MarketWise, Inc. (NASDAQ: MKTW) (“MarketWise” or the “Company”), a leading multi-brand digital subscription
About this update from Marketwise, Inc.
[{"type":"text","content":"BALTIMORE, Aug. 24, 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 issued the following statement in response to F. Porter Stansberry’s letter to the MarketWise Board of Directors (the “Board”), dated August 11, 2023 (the “August Letter”): The Board takes seriously our obligation to serve and protect the interests of MarketWise and all of its shareholders. As part of this responsibility, the Board engages with the Company’s shareholders and welcomes constructive feedback focused on maximizing shareholder value. Our previous attempts to engage with Mr. Stansberry have been met with his disparaging statements about the Board, the Company, and management. The Board has made decisions with the best interests of all shareholders in mind. We are both concerned and dismayed that Mr. Stansberry continues to knowingly assert fabricated allegations. We understand that some shareholders are frustrated. But we are beginning to see the benefits of the Company’s responsive actions with the recent stabilization in results. Investments in our core business are resulting in better content that is resonating with our subscribers. Further, cost efficiency measures have gained traction: We generated 18% more cash flow from operations so far in 2023, compared to the same period in 2022. Amber Mason and the executive leadership team continue to execute on operating priorities and strategies aimed at improving Company performance. We continue to be focused on disciplined and opportunistic capital allocation. We are confident in the capability of the business to generate continued cash flow, so early in 2023, the Board initiated a quarterly dividend program. We have a history of investing in our core business, accretive M&A, and rewarding our owners with distributions. CORRECTING MR. STANSBERRY’S FALSE AND SELF-INTERESTED STATEMENTS While our priority is to focus on our business, we feel obligated to respond to Mr. Stansberry’s baseless allegations. He has made countless false assertions about the Company, which creates uncertainty among the Company’s shareholders, employees, customers, and other stakeholders. We have had numerous private conve...