Ancora Files Definitive Proxy Statement and Sends Letter to Blucora Stockholders

Rhea-AI Summary

Ancora Holdings, which owns 3.4% of Blucora's common stock (NASDAQ: BCOR), has filed a definitive proxy statement with the SEC and sent a letter to Blucora stockholders. Ancora has nominated four candidates for Blucora's Board of Directors for the 2021 Annual Meeting: Frederick D. DiSanto, Cindy Schulze Flynn, Robert D. MacKinlay, and Kimberly Smith Spacek. Ancora criticizes the current Board's strategy and governance, claiming it leads to value destruction. They emphasize that stockholders can initiate change by voting for Ancora's slate using the WHITE Proxy Card.

Positive

• Ancora holds a notable 3.4% stake in Blucora, providing them leverage for change.
• The nomination of four qualified candidates aims to enhance Board expertise in financial services.

Negative

• Current Board is criticized for strategic missteps and a lack of relevant experience, risking the company's long-term viability.
• Blucora's refusal to negotiate with Ancora raises concerns about corporate governance and stockholder interests.

Ancora Holdings, Inc. (together with its affiliates, “Ancora”), which collectively with the other participants in its solicitation beneficially owns approximately 3.4% of the outstanding common stock of Blucora, Inc. (“Blucora” or the “Company”) (NASDAQ: BCOR), today announced that it has filed its definitive proxy statement with the U.S. Securities and Exchange Commission and sent a letter to the Company’s stockholders. Ancora has nominated four highly-qualified candidates for election to Blucora’s Board of Directors (the “Board”) at the Company’s 2021 Annual Meeting of Stockholders: Frederick D. DiSanto, Cindy Schulze Flynn, Robert D. MacKinlay and Kimberly Smith Spacek. We urge stockholders to visit www.ABetterBlucora.com to read today’s letter and obtain important information about how to vote on the WHITE Proxy Card to elect our four-member slate.

Mr. DiSanto, Ancora’s Chairman and Chief Executive Officer, commented:

“Stockholders deserve a better Blucora after years of strategic missteps and significant value destruction under the current Board and Chief Executive Officer Chris Walters, who is also the Company’s longest-serving director. The Board – which lacks sufficient experience in the wealth management and tax advisory sectors – remains obstinately committed to a failed, six-year-old strategy that has not produced any meaningful synergies between Blucora’s Avantax and TaxAct businesses. This intransigence has persisted despite the Company’s botched acquisitions, bloated corporate cost structure, excessive debt and fraying relationships with advisors.

We contend that the single biggest threat to Blucora’s long-term viability is its inexperienced, underqualified Board. This is why we tried to privately engage with the Company’s leadership this winter and sought to facilitate a credible, effective Board refresh that was in the best interest of stockholders. Unfortunately, Blucora validated our concerns about its broken corporate governance by refusing to negotiate in good faith and subsequently spending stockholder resources on high-priced external advisors tasked with trying to thwart our nominations.

In our view, stockholders’ long-term interests will remain at risk as long as the incumbents continue to operate unchecked in Blucora’s boardroom. This is why we have nominated a diverse, well-rounded slate of director candidates, which is fully committed to bringing valuable financial services sector experience and independent perspectives to the Board. We believe the case for meaningful, stockholder-driven change atop Blucora is crystal clear.”

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Only by voting on the WHITE Proxy Card to elect all four of Ancora’s director candidates will stockholders be able to promptly install independent thinkers and industry experts on Blucora’s Board.

Please visit www.ABetterBlucora.com to review our letter and learn how to vote on the WHITE Proxy Card.

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About Ancora

Ancora Holdings, Inc. is an employee owned, Cleveland, Ohio based holding company which wholly owns four separate and distinct SEC Registered Investment Advisers and a broker dealer. Ancora Advisors LLC specializes in customized portfolio management for individual investors, high net worth investors, investment companies (mutual funds), and institutions such as pension/profit sharing plans, corporations, charitable & “Not-for Profit” organizations, and unions. Ancora Family Wealth Advisors, LLC is a leading, regional investment and wealth advisor managing assets on behalf families and high net-worth individuals. Ancora Alternatives LLC specializes in pooled investments (hedge funds/investment limited partnerships). Ancora Retirement Plan Advisors, Inc. specializes in providing non-discretionary investment guidance for small and midsize employer sponsored retirement plans. Inverness Securities, LLC is a FINRA registered Broker Dealer.

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FAQ

What is Ancora's stake in Blucora (BCOR)?

Ancora Holdings owns approximately 3.4% of the outstanding common stock of Blucora.

Who has Ancora nominated for Blucora's Board?

Ancora has nominated Frederick D. DiSanto, Cindy Schulze Flynn, Robert D. MacKinlay, and Kimberly Smith Spacek for election.

What does Ancora criticize about Blucora's current Board?

Ancora criticizes the current Board for strategic missteps, lack of experience in relevant sectors, and persistent value destruction.

How can Blucora stockholders vote for Ancora's nominees?

Stockholders can vote for Ancora's nominees using the WHITE Proxy Card.

What meeting is Ancora's nomination related to?

The nominations are related to Blucora's 2021 Annual Meeting of Stockholders.