MarketWise appoints founder Frank Porter Stansberry to Board; agrees to share lock-up and voting standstill

MARKETWISE, INC.

Frank Porter Stansberry, founder and former Chairman, appointed as Class III director effective Sept 8, 2023.
Under agreement, Stansberry and Stokes Holding agree not to sell shares until Jan 1, 2024, and to vote for Board-recommended nominees.
Investors agreed not to commence litigation related to pre-existing claims.
Disclosed related-party transactions: ~$546K fees from SAM in 2023 YTD; ~$405K paid by Porter & Co. to MarketWise.
Board size increased from 9 to 10 directors.

item 1.01 item 5.02 item 7.01 item 9.01

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Appointed

Frank Porter Stansberry

Director

MKTW · MARKETWISE, INC.

Effective: 2023-09-08
Filed: September 8, 2023, 7:59 PM ET

On September 8, 2023, pursuant to the Agreement, the Company appointed Mr. Stansberry as a Class III member of the Board, effective immediately.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Frank Porter Stansberry was appointed as Director at MARKETWISE, INC..

Action: appointed
Role: Director

Exact text from the filing

On September 8, 2023, pursuant to the Agreement, the Company appointed Mr. Stansberry as a Class III member of the Board, effective immediately.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MARKETWISE, INC. entered into Agreement with Frank Porter Stansberry valued at Agreement to increase Board size, appoint director, stock lock-up, voting commitments (effective 2023-09-08).

Action: entry
Counterparty: Frank Porter Stansberry
Value: Agreement to increase Board size, appoint director, stock lock-up, voting commitments
Effective: 2023-09-08

Exact text from the filing

On September 8, 2023, MarketWise, Inc. (the “Company”) entered into an Agreement (the “Agreement”) by and among the Company, Frank Porter Stansberry and Stokes Holding, LLC (collectively, the “Investors”).

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302 material agreements filed in the last 30 days. Browse all material agreements →

MARKETWISE, INC. filing history →

Source: SEC EDGAR

accession 0001628280-23-031870

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