^-1 means take the matrix inverse not the reciprocal
Assuming A is an matrix of real numbers, then the expression can be broken down as follows:
let mna = min(A) : Scalar - the minimum value of A
let mxa = max(A) : Scalar - the maximum value of A
let N = (A-min(A)) = Array - Scalar - each element of A minus mna
let X = (A-max(A)) ... minus mxa
so we have
N*inverse(X)
... Which would be true if I had put my glasses on and read the expression properly instead of as A <- (A - min(A)) * (A - max(A))^-1
However, as the expression is actually A <- (A - min(A)) * (max(A) - min(A))^-1, the explanation is different.
The expression for N is the same (although I note parenthetically that an expression of the form (array - scalar/conformable-array) means subtract; it is not an array element deletion operation).
However, (max(A) - min(A)) is what it looks like, the maximum value of A minus it's minimum value, and the ^-1 in this instance does mean divide.
The expression therefore returns A with all values scaled to lie between 0 (==min(A)) and 1 (==max(A)).
The <- at the start of the expression is Mathcad's local definition operator (used to assign values in a Mathcad "program") and simply assigns the normalized value of A back to A.