MarketWise (NASDAQ:MKTW), which combined with Ascendant Digital in July 2021, has launched an offer to exchange all outstanding warrants for 0.1925 shares each.
At the company’s current share price of $4.08, this amounts to a value of $0.79662 per warrant. MarketWise’s warrants (NASDAQ:MKTWW) closed Tuesday at $0.37, but are already up about +102.9% to $0.69 in the pre-market.
The company expects to issue 5,963,648 new common shares through the offering, adding to 27,933763 outstanding public common shares, increasing the float by 21%. Parties presenting 57.9% of public warrants and 52.4% of private placement warrants have already indicated they will accept the offer. Warrants that do not consent to be exchanged in the offer will automatically be exchanged at a 10% lower rate of 0.17325 shares per warrant.
MarketWise, formerly known as Beacon Street Group LLC, operates a portfolio of financial publications and digital information services to both free and paying subscribers. Earlier this month, it announced net revenue of $128 million in the second quarter of 2022, a 9.9% decline from the same period last year.
ADVISORS
- BofA Securities is serving MarketWise as the dealer manager for the exchange offer.
- D.F. King & Co. has been appointed as information agent for the offer.
- Continental Stock Transfer & Trust Company is serving as exchange agent for the offer.
Terms Tracker for the Week Ending January 27, 2022 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re coming up on the end of January, the first month of the year, and to-date no new S-1s have been filed. Additionally, the number...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Circle spokesperson denies blaming SEC for failed deal, BuzzFeed CEO says AI-powered content will be part of core business, and FaZe Clan faces possible delisting Circle Spokesperson Denies Blaming SEC for Failed $9 Billion Deal...
Health Sciences 2 (NASDAQ:HSAQ) announced that it closed its combination with Orchestra BioMed on January 26. HSAQ ahead of its vote pre-announced redemption figures of 1,597,888 shares equating to 67.7% redemptions, however, that’s still subject to change. However, today it was noted that Orchestra BioMed is to receive $70 million in gross proceeds including $20...
Carbon capture technology has long been talked about, and it is finally in operation with LanzaTech among the pioneers. Its plants are turning potential emissions into clothing, household goods and sustainable fuels. SPAC cash is now also an accelerant in this new process as the company announced a $1.7 billion combination with AMCI II last March. This week, we caught up with...
In this series we’ll be examining successful SPAC deals from the past both in the terms and circumstances of their de-SPAC processes and how they have weathered the storms that have followed after their public listings with research from SPACInsider contributor Anthony Sozzi. Thirty months does not sound like that long, but it’s been a...