DMS Concludes Strategic Review Process

Digital Media Solutions, Inc., a leading provider of technology-enabled digital performance advertising solutions connecting consumers and advertisers, announced that its Board of Directors (the “Board”) completed its previously announced review to evaluate potential strategic alternatives to maximize shareholder value. The Board has unanimously determined that continuing to execute on the Company’s strategic plan as an independent, public company is in the best interest of the Company and its stockholders at this time.

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“DMS Concludes Strategic Review Process”

Over the course of the review, the Board, in consultation with its financial and legal advisors, engaged in a proactive process to evaluate strategic opportunities. As part of the review, the Company contacted and held discussions with numerous third parties, which included strategic and financial parties, regarding, among other alternatives, a potential sale of the Company. The Company received initial proposals from multiple third parties during this process. In addition to these indications of interest from third parties, as previously announced, on September 8, 2022, the Company received a proposal from Prism Data, LLC (“Prism”), an investment vehicle affiliated with CEO Joseph Marinucci and COO Fernando Borghese, for an acquisition of the Company at a per-share price of $2.50 (the “Prism Proposal”). Consistent with its fiduciary duties, the Board in its strategic review has considered numerous strategic alternatives, including a sale of the Company (in response to the Prism Proposal or otherwise), acquisitions, divestitures, financings and other transactions towards enhancing shareholder value. On March 3, 2023, Prism notified the Company that it was withdrawing the Prism Proposal. The Board has determined not to further pursue a potential sale of the Company at this time.

The Board remains committed to maximizing shareholder value, and intends to continue to consider other strategic alternatives, including acquisitions, divestitures, financings and other transactions towards enhancing shareholder value.

DMS Restructuring Plan

The Company also announced today that it has implemented a restructuring plan (the “Restructuring”) designed to create efficiency, save costs and strategically target areas with growth potential. With the business consolidation into DMS core service offerings, the Restructuring resulted in a 14% reduction of the DMS workforce, the financial benefits of which will accrue in future periods.

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