Frank Porter Stansberry and Monument & Cathedral Holdings Agree to Act Together to Pursue Changes at MarketWise
October 19, 2023 at 10:22 pm
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On October 17, 2023, Frank Porter Stansberry and Monument & Cathedral Holdings, LLC and its affiliates announced that they agreed to act together to pursue changes at MarketWise, Inc., including the appointment of Frank Porter Stansberry as Chairman of the Board and Chief Executive Officer and the departure of certain directors and officers; increased dividend payments to shareholders; and an internal review of current operations with the intent to enhance alignment, improve efficiency, and increase cash flow and intrinsic value of the business. Frank Porter Stansberry added that Monument & Cathedral Holdings, LLC and its affiliates agreed to give Frank Porter Stansberry their proxy in the event that shareholder votes would be necessary to achieve these goals.
MarketWise, Inc. is a multi-brand platform of subscription businesses that provides premium financial research, software, education, and tools for self-directed investors. The Company provides its subscribers with the research, education, and tools that they need to navigate the financial markets. It offers a portfolio of independent investment research as well as software and analytical tools on a subscription basis. It also offers a suite of investment research products and solutions. The Company is offering its research across a variety of platforms, including desktop, laptop, and mobile devices, such as tablets and mobile phones. It also developed various software applications that provide customers with algorithmic tools to search for trading ideas and manage portfolio risk. The Company offers over 37 free and 135 paid products on multiple platforms through its 11 primary customer-facing brands. It has an engaged subscriber base of approximately 737 thousand paid subscribers.