<SEC-DOCUMENT>0001193125-22-142369.txt : 20220506
<SEC-HEADER>0001193125-22-142369.hdr.sgml : 20220506
<ACCEPTANCE-DATETIME>20220505163106
ACCESSION NUMBER:		0001193125-22-142369
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220505
DATE AS OF CHANGE:		20220505

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WisdomTree Investments, Inc.
		CENTRAL INDEX KEY:			0000880631
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				133487784
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10932
		FILM NUMBER:		22896867

	BUSINESS ADDRESS:	
		STREET 1:		250 WEST 34TH STREET
		STREET 2:		3RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119
		BUSINESS PHONE:		212-801-2080

	MAIL ADDRESS:	
		STREET 1:		250 WEST 34TH STREET
		STREET 2:		3RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INDEX DEVELOPMENT PARTNERS INC
		DATE OF NAME CHANGE:	20020812

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FINANCIAL DATA SYSTEMS
		DATE OF NAME CHANGE:	19951120

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INDIVIDUAL INVESTOR GROUP INC
		DATE OF NAME CHANGE:	19951120
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d293689ddefa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
<HTML><HEAD>
<TITLE>DEFA14A</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the
Registrant&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a Party other than
the Registrant&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, for Use of the Commission Only (as permitted by Rule
<FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT></B> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting Material Pursuant to <FONT STYLE="white-space:nowrap">&#167;240.14a-12</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>WisdomTree Investments, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Copies to: </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Sean M. Donahue
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Andrew H. Goodman </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Goodwin
Procter LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1900 N Street NW </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Washington, DC 20036 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT
STYLE="white-space:nowrap">(202)&nbsp;346-4207</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check all boxes that apply) </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee paid previously with preliminary materials. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules
<FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11.</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">On May&nbsp;5, 2022, WisdomTree Investments, Inc. issued a press release, a copy of which is
set forth below. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g293689g0505204347540.jpg" ALT="LOGO">
&nbsp;&nbsp;&nbsp;&nbsp; </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WisdomTree Sets the Record Straight Regarding Abandonment of Cooperation
Agreement at the Eleventh Hour by ETFS Capital Limited and Lion Point Capital </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Disputes gross mischaracterization of WisdomTree
Board&#146;s good faith negotiations and legitimate settlement proposal </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Board offered to declassify, and commits to seek
stockholder approval for declassification, at 2022 Annual Meeting of Stockholders </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Offers ETFS Capital and Lion Point Capital
nominee Lynn S. Blake a seat on the Board and commits to forming an Operations and Strategy Committee of the Board </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>In the first
quarter, no other large publicly traded U.S. traditional asset management company had better relative AUM growth than WisdomTree </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NEW YORK, NY &#150;
May&nbsp;5, 2022 &#150; WisdomTree Investments, Inc. (&#147;WisdomTree&#148; or the &#147;Company&#148;) (NASDAQ: WETF), an exchange-traded fund (&#147;ETF&#148;) and exchange-traded product (&#147;ETP&#148;) sponsor and asset manager, today
responded to the numerous false and misleading assertions made by dissident WisdomTree stockholders ETFS Capital Limited (&#147;ETFS&#148;) and Lion Point Capital (&#147;Lion Point&#148;) in their May
4<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> press release and open letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During 13 meetings over the past few months, members of the Board
of Directors of WisdomTree (the &#147;Board&#148;) have negotiated in good faith with Cristiano Amoruso, a Principal of Lion Point, with the goal of reaching a <B>mutually agreeable cooperation agreement</B> that would avert a costly, distracting
and unnecessary proxy contest. During this period, the Board met 16 times to discuss potential settlement options and act in the best interests of all WisdomTree stockholders. Following weeks of negotiations, the parties reached a final definitive
cooperation agreement, which all parties were planning to announce publicly yesterday on Wednesday, May 4<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>, when ETFS and Lion Point abruptly abandoned the agreement and instead issued an open
letter grossly mischaracterizing both the nature of the agreement and the negotiations with WisdomTree. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Frank Salerno, WisdomTree Chair of the Board,
said, &#147;A cooperation agreement with ETFS and Lion Point would have been a win for all stockholders. We were shocked that, mere hours before its planned announcement, ETFS and Lion Point abruptly and irresponsibly discarded the cooperation
agreement and announced their intention to engage in a proxy fight. Our negotiations with Lion Point, in which I was personally involved every step of the way, were so constructive and positive that I had, just days before, received a dinner
invitation from Mr.&nbsp;Amoruso, who himself expressed confidence in WisdomTree&#146;s business direction and strategies. Unless Lion Point was always negotiating in bad faith, we can only conclude that Graham Tuckwell, the Chairman and CEO of
ETFS, deliberately derailed this agreement, placing his own personal agenda above the best interests of other stockholders, including his fellow activist.&#148; </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE WISDOMTREE COOPERATION AGREEMENT WOULD HAVE ENHANCED CORPORATE GOVERNANCE AND BENEFITED ALL STOCKHOLDERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The cooperation agreement to which <B>all parties had agreed </B>included numerous stockholder-friendly features and demonstrated WisdomTree&#146;s continued
commitment to Board refreshment, good corporate governance and acting in the best interests of all stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The terms of the cooperation agreement
included: </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Consistent with the Company&#146;s ongoing process of Board refreshment, the size of the Board would have been
increased to nine members, and a <B>new independent director </B>nominated by ETFS and Lion Point, Lynn S. Blake, would have been appointed to the Board and its Nominating and Governance Committee, effective immediately. Lion Point and ETFS would
also have been entitled to designate <B>an additional independent director</B>, subject to the approval of the Board&#146;s Nominating and Governance Committee. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company would seek stockholder approval at its upcoming 2022 Annual Meeting of Stockholders (&#147;2022
Annual Meeting&#148;) to <B>declassify the Board</B>. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Board would have created an <B>Operations and Strategy Committee</B>, which would include the two new
directors as well as two current directors, to help to evaluate operational improvement opportunities and Company strategy. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company would also have <B>terminated the stockholder rights plan</B> adopted in March 2022, effective
May&nbsp;11, 2022. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The agreement also included standstill provisions so permissive that Lion Point would have been able to increase
its economic interest in WisdomTree stock from 3.1%, up to 9.9%. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Having met 16 times to discuss the cooperation agreement, the Board is
fully committed to its terms. As such, the Board is offering Ms.&nbsp;Blake a seat on the Board, submitting a binding declassification proposal for stockholder approval at the 2022 Annual Meeting, will form an Operations and Strategy Committee upon
the conclusion of the 2022 Annual Meeting which will be at least 50% composed by Board members who have joined the Board in the last three years, and will terminate the stockholder rights plan if it is not approved by stockholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board&#146;s decision to seek stockholder approval to declassify the Board was made unanimously and unilaterally on the part of the Board. The Board
believes such a step is in the best interests of stockholders and is consistent with corporate governance best practices. Despite ETFS and Lion Point&#146;s decision to abandon the cooperation agreement, <B>WisdomTree will still seek stockholder
approval to declassify the Board at the 2022 Annual Meeting.</B> Further details about this will be available when the Company files its preliminary proxy materials soon. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As part of its extensive process to negotiate an outcome that would benefit stockholders, WisdomTree conducted its standard due diligence process regarding
the director candidates put forth by ETFS and Lion Point, including interviews with two of those candidates. The Board recognized Ms.&nbsp;Blake&#146;s relevant experience and collaborative spirit, had commenced its new director onboarding process,
and was prepared to welcome her to the Board as part of the cooperation agreement. Being true to its word, the Board hereby offers Ms.&nbsp;Blake a seat on the Board where she would immediately become a member of the Nominating and Governance
Committee and would become a member of the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">to-be-formed</FONT></FONT> Operations and Strategy Committee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At the same time, the Board quickly determined that the second nominee of ETFS and Lion Point, Deborah Fuhr, has significant conflicts of interest that
disqualify her as a suitable candidate for the Board. Lion Point was very ready to concede her conflicts at this point, swiftly dropping Ms.&nbsp;Fuhr and substituting only the right to name another director at a later point. The Board did not
interview Mr.&nbsp;Tuckwell, having already determined on numerous occasions that he does not have the necessary temperament or qualifications to join the WisdomTree Board, a collaborative group of directors with diverse backgrounds and experience,
a point which Lion Point did not dispute. Mr.&nbsp;Tuckwell also has significant, unresolvable conflicts of interest that in and of themselves disqualify him as a WisdomTree director. ETFS and Lion Point claim they &#147;nominated three
extraordinarily qualified directors,&#148; who were apparently so extraordinarily qualified that two of the three nominees were discarded without a second thought by the dissidents themselves during negotiations as soon as WisdomTree noted their
massive conflicts. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GRAHAM TUCKWELL DERAILED THE COOPERATION AGREEMENT SOLELY TO ADVANCE HIS PERSONAL AGENDA </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Tuckwell has been a WisdomTree stockholder since 2018, when the company he founded, ETF Securities, sold its European asset management business to
WisdomTree. At the time the Company pursued this strategic acquisition, Mr.&nbsp;Tuckwell agreed to be a passive stockholder of WisdomTree, and WisdomTree implemented legal protections to limit his ability to control the Company, capping his voting
power at 10% and stipulating that he had no contractual right to Board representation. Since that time, he has chaffed at those restrictions, demanding numerous times to be added to the Board. </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">From the start, Mr.&nbsp;Tuckwell has been driven by his outsized ego and personal animosity towards
WisdomTree&#146;s Founder and CEO, Jono Steinberg, and has insisted that only he, Mr.&nbsp;Tuckwell, can lead this Company. Just days before the cooperation agreement was intended to be signed and announced, Mr.&nbsp;Tuckwell insisted on speaking
individually to Mr.&nbsp;Steinberg and Mr.&nbsp;Salerno, in separate conversations, without Lion Point, during which he made clear that he felt he had been, in his own words, &#147;sidelined&#148; during the negotiations between Lion Point and
WisdomTree. Mr.&nbsp;Tuckwell has only participated in one of the numerous settlement conversations. <B>Lion Point chose to exclude Mr.</B><B></B><B>&nbsp;Tuckwell</B> from subsequent conversations, acknowledging several times that constructive
conversations were not possible with Mr.&nbsp;Tuckwell present and that discussions with him were like &#147;getting into a cage with a tiger.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Salerno added, &#147;I can personally attest that Mr.&nbsp;Tuckwell&#146;s characterizations of the last-minute conversations he had with me and
Mr.&nbsp;Steinberg are purposefully inaccurate. His sole focus was to push for our CEO and Founder to step down, even though his counterpart at Lion Point had never even met him. We were &#150; and are &#150; fully committed to every aspect of the
cooperation agreement that had been hammered out through exhaustive negotiations extensively negotiated by his own associates, including the creation of an Operations and Strategy Committee with a remit to evaluate and, if appropriate, recommend
changes in the Company&#146;s strategy. <B>If anyone was operating in bad faith, it was Mr.</B><B></B><B>&nbsp;Tuckwell</B>, who appears to have allowed these negotiations to proceed with no real intention of accepting any outcome other than the
ouster of our CEO, a result he could never achieve through a vote at the 2022 Annual Meeting. He has once more demonstrated his lack of fitness to serve as a director of this or any other public company.&#148; </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WISDOMTREE BOARD STANDS BEHIND CEO JONO STEINBERG, STRONG BUSINESS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>&amp; INNOVATIVE STRATEGY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board
remains confident in WisdomTree&#146;s current strategy and in its execution under the leadership of Mr.&nbsp;Steinberg and his management team. The statements about WisdomTree&#146;s business in the open letter are disingenuous &#150;
Mr.&nbsp;Amoruso explicitly expressed confidence in WisdomTree&#146;s strategy and business direction throughout the negotiation process. The facts are clear. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As reflected in WisdomTree&#146;s recent financial results published on April 29<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>, the first quarter of
2022 marked the sixth consecutive quarter of organic growth, with strong earnings results and record assets under management in the first quarter despite ongoing market volatility. WisdomTree&#146;s core ETP business is strong, and the Company has
never been more competitive or better positioned for growth. The Company&#146;s product positioning and performance is excellent, the models business is gaining traction, and WisdomTree is a first mover in Digital Assets, a natural extension of its
core business with a massive addressable market. <B>In the first quarter, no other publicly traded U.S. traditional asset management company with an enterprise value of greater than $1</B><B></B><B>&nbsp;billion had better relative AUM growth than
WisdomTree</B>; in fact, no other company increased AUM during the quarter, and WisdomTree&#146;s organic flow growth rate was the second highest among its peers and over twice the industry mean. WisdomTree&#146;s <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">year-to-date</FONT></FONT> annualized organic growth is already accelerating in Q2, hitting 12% as of April 30<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WISDOMTREE BOARD REMAINS OPEN TO A SETTLEMENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board continues to believe that reaching a consensual resolution and avoiding the cost and distraction of a proxy contest at the 2022 Annual Meeting is in
the best interests of the Company and its stockholders. As such, the Board remains willing and ready to execute the cooperation agreement on the terms that were heavily negotiated and agreed to by the parties over the last several weeks.<B> </B>
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Advisors </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BofA Securities is serving as financial
advisor, and Goodwin Procter LLP is serving as legal counsel to WisdomTree. Innisfree M&amp;A is serving as proxy solicitor and Abernathy MacGregor is serving as strategic communications advisor. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About WisdomTree </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WisdomTree Investments, Inc., through its subsidiaries in the U.S. and Europe (collectively, &#147;WisdomTree&#148;), is an ETF and ETP sponsor and asset
manager headquartered in New York. WisdomTree offers products covering equity, commodity, fixed income, leveraged and inverse, currency, cryptocurrency and alternative strategies. WisdomTree currently has approximately $79&nbsp;billion in assets
under management globally. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WisdomTree<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> is the marketing name for WisdomTree Investments, Inc.
and its subsidiaries worldwide. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cautionary Statement Regarding Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements within the meaning of
Section&nbsp;27A of the Securities Act of 1933, as amended, and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended. Such statements are identified by use of the words &#147;anticipates,&#148; &#147;believes,&#148;
&#147;estimates,&#148; &#147;expects,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;predicts,&#148; &#147;projects,&#148; &#147;should,&#148; 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 those factors discussed under the caption &#147;Risk Factors&#148; in our most recent annual report on Form
<FONT STYLE="white-space:nowrap">10-K,</FONT> filed with the SEC on February&nbsp;25, 2022, as amended on April&nbsp;29, 2022, and in subsequent reports filed with or furnished to the SEC.<B> </B>WisdomTree assumes no obligation and does not intend
to update these forward-looking statements, except as required by law, to reflect events or circumstances occurring after today&#146;s date. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Important
Additional Information and Where to Find It </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WisdomTree intends to file a proxy statement on Schedule 14A, an accompanying <B><U>WHITE</U></B> proxy
card and other relevant documents with the SEC in connection with such solicitation of proxies from WisdomTree stockholders for WisdomTree&#146;s 2022 Annual Meeting. <B>WISDOMTREE STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ WISDOMTREE&#146;S
DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), ACCOMPANYING </B><B><U>WHITE</U></B> <B>PROXY CARD, AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION.</B> Investors and stockholders may obtain a copy of the definitive proxy statement, an accompanying <B><U>WHITE</U></B> proxy card, any amendments or supplements to the definitive proxy statement and other documents
that WisdomTree files with the SEC at no charge at the SEC&#146;s website at <U>www.sec.gov</U>. Copies will also be available at no charge at the &#147;SEC Filings&#148; subsection of the &#147;Financial Information&#148; section of
WisdomTree&#146;s Investor Relations website at <U>http://ir.wisdomtree.com</U>/ or by contacting Jeremy Campbell, Director of Investor Relations, at <U>jeremy.campbell@wisdomtree.com</U>, as soon as reasonably practicable after such materials are
electronically filed with, or furnished to, the SEC. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contact Information </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Investor Relations </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WisdomTree Investments, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jeremy Campbell </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+1.646.522.2602 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>jeremy.campbell@wisdomtree.com </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Innisfree M&amp;A Incorporated </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Scott Winter / Jonathan
Salzberger </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+1.212.750.5833 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>swinter@innisfreema.com</U> /
<U>jsalzberger@innisfreema.com</U> </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Media
Relations </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WisdomTree Investments, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jessica Zaloom
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+1.917.267.3735 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>jzaloom@wisdomtree.com </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Abernathy MacGregor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Carina Davidson / Dana Gorman </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">+1.212.371.5999 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>ccd@abmac.com</U> / <U>dtg@abmac.com</U> </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g293689g0505204347540.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g293689g0505204347540.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  P '@# 2(  A$! Q$!_\0
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&[T4 ?__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
