# EDGAR Filing Document

**Accession Number:** 0001818383
**File Stem:** 0001818383-25-000118
**Filing Date:** 2025-9
**Character Count:** 12304
**Document Hash:** 4739f0dd7d8caa97d02b62627e075b7d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001818383-25-000118.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001818383-25-000118

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250903

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MediaAlpha, Inc.
- **CENTRAL INDEX KEY:** 0001818383
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 851854133
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39671
- **FILM NUMBER:** 251295423

**BUSINESS ADDRESS:**
- **STREET 1:** 700 SOUTH FLOWER STREET
- **STREET 2:** SUITE 640
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017
- **BUSINESS PHONE:** 619-393-9368

**MAIL ADDRESS:**
- **STREET 1:** 700 SOUTH FLOWER STREET
- **STREET 2:** SUITE 640
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017

?xml version='1.0' encoding='ASCII'? max-20250903

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**_____________________________**

**FORM 8-K**

**_____________________________**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): September 3, 2025**

**_____________________________**

**MediaAlpha, Inc.**

(Exact Name of Registrant as Specified in Its Charter)

**_____________________________**

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| | | |
|:---|:---|:---|
| **Delaware** | **001-39671** | **85-1854133** |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification No.)** |

---

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| | |
|:---|:---|
| **700 South Flower Street**, **Suite 640**<br>**Los Angeles**, **California** | **90017** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**(213) 316-6256**

**(Registrant's telephone number, including area code)**

**(Not Applicable)**

**(Former name or former address, if changed since last report)**

---

| | |
|:---|:---|
|  | Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below): |
| □ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| □ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| □ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| □ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

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Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class A common stock, $0.01 par value | MAX | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).<br>Emerging growth company □<br>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □<br>

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**Item 1.01 Entry Into a Material Definitive Agreement** 

On September 3, 2025, MediaAlpha, Inc. (the "Company") entered into an agreement with Insignia A QL Holdings, LLC and Insignia QL Holdings, LLC (collectively, "Insignia") whereby the Company agreed to repurchase 3,234,894 shares of its Class A common stock, par value $0.01 per share (the "Class A Common Stock"), beneficially owned by Insignia, in a private transaction at a price of $10.17 per share, for an aggregate purchase price of approximately $32.9 million (the "Share Repurchase"). The transaction closed on September 4, 2025.

A special committee of the Board of Directors of the Company (the "Board"), comprised solely of independent and disinterested directors not affiliated with Insignia, pursuant to authority delegated to it by the Board of Directors of the Company, approved the Share Repurchase. Insignia exchanged its 3,234,894 shares of the Class B common stock of the Company, par value $0.01 per share, together with an equivalent number of Class B-1 units of QL Holdings, LLC, the Company's subsidiary, for the 3,234,894 shares of Class A common stock repurchased by the Company. After giving effect to the Share Repurchase, Insignia no longer beneficially owns any shares of common stock of the Company.

**Item 5.02 – Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers**

In connection with the Share Repurchase, Anthony Broglio, Insignia's designee to the Board, resigned from the Board, effective upon the closing of the transaction, as required by Section 3.1(b) of the Stockholders Agreement (as defined below).

Under the Stockholders Agreement dated as of October 27, 2020 (as amended, the "Stockholders Agreement"), by and among the Company, Insignia QL Holdings, LLC and Insignia A QL Holdings, LLC (collectively "Insignia"), and the other stockholders party thereto, at such time as a Principal Stockholder (as defined therein) no longer owns at least 2,935,259 shares of the Company's Common Stock, as defined in the Stockholders Agreement (representing 5% of the Company's issued and outstanding shares of Common Stock as of the closing of the Company's initial public offering), such Principal Stockholder is required to promptly cause their remaining designated director to tender their resignation from the Board. As a result of the Share Repurchase, Insignia no longer owns any shares of the Company's Common Stock, and accordingly Insignia has caused Mr. Broglio, who was Insignia designee to the Board, to tender his resignation as a member of the Board. Mr. Broglio's resignation was not the result of a disagreement with the Company on any matter relating to the Company's operations, policies or practices.

**Item 7.01 – Regulation FD Disclosure**

On September 4, 2025, the Company issued a press release related to the matter described above. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

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**Item 9.01 Financial Statements and Exhibits.**

**(d) Exhibits**

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| | |
|:---|:---|
| **<u>Exhibit</u>**<br>**<u>No.</u>** | **<u>Description</u>** |
| 99.1 | <u>[Press release dated September 4, 2025](exhibit991pressrelease-ins.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| | **MediaAlpha, Inc.** | **MediaAlpha, Inc.** | **MediaAlpha, Inc.** |
| Date: September 5, 2025 | By: | /s/ Jeffrey B. Coyne | /s/ Jeffrey B. Coyne |
|  |  | Name: | Jeffrey B. Coyne |
|  |  | Title: | General Counsel & Secretary |

---

## Exhibit 99.1

![image_0.jpg](image_0.jpg)

September 4, 2025

**MediaAlpha Announces $32.9 Million Private Stock Repurchase** 

LOS ANGELES, September 4, 2025 – MediaAlpha, Inc. (NYSE: MAX), the leading marketing technology platform powering real-time customer acquisition for the insurance industry, today announced that it has repurchased 3,234,894 shares of its Class A common stock at a price of $10.17 per share (a total of approximately $32.9 million) in a privately negotiated transaction with entities affiliated with Insignia Capital Group, L.P. ("Insignia"). The purchase price represents a discount of approximately 5.5% to the closing price of MediaAlpha's Class A common stock on September 2, 2025.

"This stock repurchase reflects our confidence in MediaAlpha's strategy, execution and multi-year growth prospects," said Pat Thompson, Chief Financial Officer. "Privately repurchasing these shares at a discount is immediately accretive, underscoring our disciplined approach to capital allocation and commitment to creating value for shareholders. With robust cash flow generation and a strong balance sheet, we are well-positioned to continue investing in innovation while also returning capital to shareholders."

Tony Broglio, Insignia Managing Partner, said, "Our desire to sell our remaining shares in MediaAlpha is tied to the lifecycle of our private equity fund. We are proud to have supported MediaAlpha's journey and are confident the company will continue to thrive in the years ahead."

The private stock repurchase was approved by a Special Committee of MediaAlpha's Board of Directors, comprised solely of independent and disinterested directors not affiliated with Insignia. Insignia exchanged its 3,234,894 shares of Class B common stock, together with an equivalent number of Class B-1 units of the Company's QL Holdings, LLC subsidiary, for the 3,234,894 shares of Class A common stock repurchased. The repurchased shares will be canceled and retired.

**Forward-Looking Statements**

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements regarding the Company's confidence in its strategy, execution and multi-year growth prospects, and its expectations regarding cash flow generation, continued investment, and returning capital to shareholders. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These forward-looking statements are based on current expectations, estimates, and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including those more fully described in MediaAlpha's filings with the Securities and Exchange Commission ("SEC"), including the Form 10-K filed on February 24, 2025 and the Forms 10-Q filed on April 30, 2025 and August 6, 2025. These factors should not be construed as exhaustive. MediaAlpha disclaims any obligation to update any forward-looking statements to reflect events or circumstances that occur after the date of this press release.

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**About MediaAlpha**

<br>We believe we are the insurance industry's leading programmatic customer acquisition platform. With more than 1,200 active partners, excluding our agent partners, we connect insurance carriers with online shoppers and generated nearly 119 million Consumer Referrals in 2024. Our programmatic advertising technology over the twelve months ended June 30, 2025 powered $1.9 billion in spend on brand, comparison, and metasearch sites across property & casualty insurance, health insurance, life insurance, and other industries. For more information, please visit www.mediaalpha.com.

**<u>Investor Contact</u>**

&nbsp;&nbsp;&nbsp;&nbsp;

Denise Garcia

Hayflower Partners

<u>Denise@HayflowerPartners.com</u>

<br>