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Ascendant Digital Acquisition Corp. (NYSE: ACND) announced shareholder approval for its business combination with MarketWise, a multi-brand digital subscription services platform. Approximately 85.5% of votes favored the merger, which is set to close on July 21, 2021. MarketWise will begin trading on Nasdaq under the ticker MKTW on July 22, 2021. MarketWise serves over 10 million subscribers and is recognized for its financial research and investment tools. The merger aims to enhance shareholder returns and broaden MarketWise's market presence.
Ascendant Digital Acquisition Corp. (NYSE: ACND) has scheduled an extraordinary general meeting for shareholders on July 20, 2021, to approve its proposed Business Combination with MarketWise, LLC, a multi-brand digital subscription service platform. The definitive proxy statement/prospectus has been filed and mailed to shareholders of record as of May 28, 2021. Upon completion, the company will operate as MarketWise, Inc., trading on Nasdaq under the symbols 'MKTW' and 'MKTWW', expected on or about July 22, 2021. The Business Combination offers significant growth opportunities in the estimated $190 billion Attention Economy market.
MarketWise, LLC announced a partnership with Junior Achievement to enhance financial literacy among high school students in Baltimore and South Florida. CEO Mark Arnold emphasized the importance of this collaboration, aligning MarketWise's mission with Junior Achievement's educational goals. The partnership will involve monetary donations and volunteer time to support the 3DE program, aiming to instill foundational financial principles for students' economic success. This initiative reflects MarketWise's commitment to empowering individuals in managing their financial futures.
MarketWise, formerly Beacon Street Group, will participate in a fireside chat at the Baird Global Conference on June 9, 2021. CEO Mark Arnold and CFO Dale Lynch will represent the company. A live webcast will be available on their Investor Relations website. MarketWise, a digital subscription services platform offering financial research and tools, is in the process of rebranding. Following a transaction with Ascendant Digital Acquisition Corp (NYSE: ACND), it plans to trade on NASDAQ under the symbol MKTW. The company serves over 11 million subscribers with various financial products.
MarketWise, formerly known as Beacon Street Group, reported a strong first quarter for 2021, with total revenue up 56.7% to $119.7 million and billings soaring by 117.4% to $255.3 million. The company achieved a net loss of $615.1 million, primarily due to stock-based compensation. Paid subscribers grew by 76.6% to 1 million, with free subscribers increasing by 84.2% to 10.9 million. Cash flow from operations reached $92.3 million, reflecting a significant turnaround from a loss in the previous year. Adjusted cash flow also saw a substantial increase of 277.8% to $98.0 million.
Beacon Street Group is merging with Ascendant Digital Acquisition Corp. (NYSE: ACND) to become a public company. Following this merger, the Company will be renamed MarketWise, LLC, with trading on NASDAQ under the ticker symbol 'MKTW'. A new Board of Directors has been announced, featuring industry leaders with extensive experience in finance and technology. The rebranding process is set to update all company materials to reflect the new name over the coming weeks. Beacon Street aims to enhance its platform for self-directed investors, improving access to financial research and tools.
Beacon Street Group, LLC, a prominent digital subscription services platform, is set to host an Analyst Day on April 14, 2021. The event aims to present the latest in financial research and tools for self-directed investors.
A replay will be available within two hours post-event on their Investor Relations website and will remain accessible for 12 months.
Beacon Street serves over 10 million subscribers and aims to be the leading platform in financial wellness solutions.
Beacon Street Group announced an increase in projected performance metrics for 2021, attributing this to strong Q1 results. The company now anticipates Billings of $751 million, up $58 million from earlier forecasts. Additionally, the number of expected paid subscribers rose to 1.1 million, an increase of 137,000. Ascendant Digital Acquisition Corp. filed a registration statement for their business combination scheduled for completion in the first half of 2021, pending shareholder approval.
Beacon Street Group, a leading digital subscription services platform for self-directed investors, has announced a business combination with Ascendant Digital Acquisition Corp. (ACND) that will take Beacon Street public. The transaction values Beacon Street at approximately $3.0 billion. The company reported 2020 revenue of $377 million, reflecting a 39% year-over-year growth. Strategic growth initiatives and a scalable digital platform position Beacon Street for continued expansion in a rapidly growing market estimated at $191 billion.
