By Will Feuer
MarketWise experienced a significant boost in its stock price following the resignation of Chief Executive Amber Lee Mason. The board has also made the decision to reinstate founder F. Porter Stansberry as the company’s Chairman and CEO.
In morning trading, the stock soared by 18% to reach $1.77. MarketWise, which went public in 2021 through a merger with a special-purpose acquisition company, has seen a 5% increase in its stock price this year.
In addition to Stansberry’s return, MarketWise has announced a special dividend payout of 15 cents per share.
As part of reshuffling its board, MarketWise has removed Mark Gerhard and Riaan Hodgson, both of whom joined the board through the merger with their SPAC Ascendant Digital Acquisition. Furthermore, MarketWise’s Chief Corporate Development Officer, Marco Ferri, has been terminated, although he will continue to serve as a consultant.
To enhance cash flow and streamline the business, MarketWise will conduct a thorough review of its operations.
In January, Stansberry wrote a letter to the MarketWise board, demanding the resignation of nearly the entire board. He also called for an investigation into the company’s SPAC deal and various related transactions.