Ascendant Digital Acquisition shareholders today approved the SPAC’s proposed business combination with MarketWise, a multi-brand digital subscription services platform that provides premium financial research, software, education, and tools for self-directed investors.
Approximately 85.5% of the votes cast at the meeting were in support of the deal, the SPAc said in a press release. There was no mention of vote toals or redemptions, if any, although the SPAC said it would file an 8-K detailing the outcome.
Following the merger, MarketWise, formerly known as Beacon Street Group, would have a pro forma enterprise value of $3 billion.
Announced in March, aggregate consideration to MarketWise equity holders will be approximately $2.9 billion, consisting of up to $374 million of cash and $2.5 billion or more of rollover equity. The cash consideration will be funded by Ascendant’s cash in trust of approximately $414 million, as well as a $150 million PIPE. Read more.
