Leading Independent Proxy Advisory Firm Glass Lewis Recommends Votes for All WisdomTree Proposals, Including Votes for All Nine WisdomTree Board Nominees and Reiterates Company’s “Compelling” Strategic Vision
Glass Lewis Endorses Company’s Leadership and Strategy to Continue Delivering Stockholder Value
Firm Emphasizes Company’s Peer-Leading Operational Performance and Market-leading Position in Tokenization and Digital Assets
Glass Lewis also reiterates the invaluable institutional knowledge that Messrs. Neuger, Bossone and Steinberg bring to the Board, which has been significantly refreshed over the past three years. Glass Lewis determined that dissident stockholder ETFS Capital’s arguments as part of its campaign to disrupt the Company’s continued progress “are insufficient and unconvincing, and therefore, do not warrant shareholder opposition to Management Nominees Bossone, Neuger and Steinberg at this time.”1
Regarding WisdomTree’s strong performance and growing digital assets strategy, Glass Lewis wrote in its report:
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“The one- and three-year growth rates in annual revenue and EBITDA of the Company through CY2023 outpaced all (or substantially all) of the corresponding growth rates observed in the
Traditional Asset Manager Peer Group .”
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“Over the unaffected one- and three-year periods ended
February 26, 2024 , the average NTM EBITDA, EBIT, and EPS multiples of the Company significantly exceeded the corresponding trading multiples observed in 11 out of 12 firms in theTraditional Asset Manager Peer Group , trailing only BlackRock by a narrow margin with differences in the low single-digits.”
- “Taken together, our findings suggest that the Company’s operating performance has been reasonably in line with or better than its peers over the past year, and investors may have already been ascribing a premium trading valuation to the Company’s shares compared to other traditional asset managers.”
- “We maintain our belief that the stated vision of the Company’s board and management team is more compelling than that of the Dissident…Considering the Company’s early-mover advantage and market-leading position in tokenization and digital assets, we believe the Dissident’s calls for the Company to abandon the DeFi initiatives continue to be premature at this stage.”
- “While the Dissident contends that the recent run-up in the Company’s share price is owed to its activism efforts…we believe the Company’s share price was already showing positive momentum prior to the current proxy campaign being waged by the Dissident.”
- “In our view, the Company has been striking a reasonable balance of maintaining relatively strong operational performance while investing in long-term growth potential in the DeFi space.”
Regarding WisdomTree’s Board refreshment and corporate governance practices, Glass Lewis wrote in its report:
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“The board has made meaningful strides to empower its newer directors while still maintaining the institutional knowledge offered by the longer-tenured directors.”
- “We believe the board has been significantly refreshed in recent years, as six of the nine incumbent directors have board tenures of no more than three years, with each of the key board committees being chaired by relatively newer directors.”
Glass Lewis also recommended that stockholders vote in favor of WisdomTree’s executive compensation proposal, stating that “the Company continues to adequately align pay and performance.” Additionally, Glass Lewis recommended that stockholders vote in favor of WisdomTree’s stockholder rights plan, concluding that “the plan is reasonable.”
WisdomTree urges stockholders to send a message to
Glass Lewis has made an independent assessment and concluded that there is no case for change at WisdomTree. In line with the firm’s recommendations, WisdomTree urges stockholders to vote “FOR” all nine director nominees using the WHITE proxy card, including
Stockholders can find out more about the proxy vote at the 2024 Annual Meeting by visiting the WisdomTree investor relations website and navigating to the page entitled “2024 Annual Meeting”: https://ir.wisdomtree.com/2024-annual-meeting-proxy-vote.
YOUR VOTE IS IMPORTANT! |
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PLEASE VOTE THE WHITE PROXY CARD TODAY “FOR” ALL WISDOMTREE NOMINEES! |
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Remember, you can vote your shares via the Internet. Please follow the easy |
instructions on the enclosed WHITE proxy card. |
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If you have any questions or need assistance in voting |
your shares on the WHITE proxy card, please contact our proxy solicitor: |
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Stockholders and All Others Call Toll Free: (877) 750-5836 |
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Banks and Brokers Call: (212) 750-5833 |
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Advisors
About WisdomTree
WisdomTree is a global financial innovator, offering a well-diversified suite of exchange-traded products (ETPs), models, solutions and products leveraging blockchain technology. We empower investors and consumers to shape their future and support financial professionals to better serve their clients and grow their businesses. WisdomTree is leveraging the latest financial infrastructure to create products that provide access, transparency and an enhanced user experience. Building on our heritage of innovation, we are also developing and have launched next-generation digital products, services and structures, including digital or blockchain-enabled mutual funds and tokenized assets, as well as our blockchain-native digital wallet, WisdomTree Prime®.*
*The WisdomTree Prime digital wallet and digital asset services are made available through
WisdomTree currently has approximately
For more information about WisdomTree and WisdomTree Prime®, visit: https://www.wisdomtree.com.
Please visit us on X, formerly known as Twitter, at @WisdomTreeNews.
WisdomTree® is the marketing name for
Cautionary Statement Regarding Forward-Looking Statements
Any statements contained in this letter that do not describe historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are identified by use of the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “should,” “views,” and similar expressions. Any forward-looking statements contained herein are based on current expectations, but are subject to risks and uncertainties that could cause actual results to differ materially from those indicated, including, but not limited to, the impact and contributions of the slate of director nominees WisdomTree has nominated, and WisdomTree’s ability to achieve its financial and business plans, goals and objectives and drive stockholder value, including with respect to its ability to successfully implement its strategy relating to WisdomTree Prime®, and other risk factors discussed from time to time in WisdomTree’s filings with the
Important Information Regarding the 2024 Annual Meeting and Where to Find It
The Company has filed with the
Certain Information Regarding Participants in the Solicitation
The Company, its directors and certain of its executive officers and employees may be deemed to be participants in connection with the solicitation of proxies from the Company’s stockholders in connection with the matters to be considered at the 2024 Annual Meeting. Information regarding the direct and indirect interests, by security holdings or otherwise, of the Company’s directors and executive officers in the Company is included in the Proxy Statement under the heading “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters”, which was filed with the
Disclaimer
WisdomTree has neither sought nor obtained the consent from any third party to use any statements or information contained in this press release that have been obtained or derived from statements made or published by such third parties. Any such statements or information should not be viewed as indicating the support of such third parties for the views expressed herein.
Category: Business Update
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1 Permission to use Glass Lewis quotations was neither sought nor obtained. Emphasis added.
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Investor Relations
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