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SAN CARLOS, Calif. - Oportun Financial Corporation (NASDAQ:OPRT) announced Wednesday it will hold its Annual Meeting of Stockholders on July 18, 2025, amid what appears to be a contested board election. The announcement comes as the company’s stock has shown remarkable strength, posting a 140% return over the past year, according to InvestingPro data.
The financial services company has released an investor presentation urging shareholders to vote for its two board nominees - CEO Raul Vazquez and Carlos Minetti - using the company’s green proxy card.
The presentation is available on a dedicated website, according to the company’s press release statement. Oportun has also engaged proxy solicitation firm Innisfree M&A Incorporated to assist shareholders with voting.
Oportun describes itself as a mission-driven financial services company that provides borrowing, savings, and budgeting capabilities to its members. The company states it has provided more than $20.3 billion in credit since its inception and claims to have saved members more than $2.4 billion in interest and fees.
The company did not disclose details about opposition candidates or the specific matters to be voted on at the annual meeting beyond the board election. The use of colored proxy cards typically indicates a contested election where shareholders are being asked to choose between competing slates of director nominees.
Oportun’s stock is listed on the Nasdaq exchange under the ticker symbol OPRT.
In other recent news, Oportun Financial Corporation reported significant growth in its first quarter of 2025, with a nearly 40% year-over-year increase in aggregate originations and an adjusted operating expense ratio of 13.3%, marking one of its lowest as a public company. The company projects an adjusted EPS of $1.10 to $1.30 for 2025, indicating potential growth of 53% to 81% over the previous year. Meanwhile, Findell Capital Partners, a major shareholder, has been vocal about its dissatisfaction with Oportun’s board and management, criticizing past acquisitions and urging stockholders to vote for their candidate, Warren Wilcox, at the upcoming annual meeting. They argue that CEO Raul Vazquez’s leadership has been detrimental and are pushing for his removal. In response, Oportun’s board has defended its nominees, including Vazquez, emphasizing his role in the company’s recent financial improvements and strategic refocus from growth to profitability. The board has also proposed changes to its governance structure to enhance stockholder rights. These developments come amid a backdrop of cost-cutting measures and strategic shifts at Oportun, including a return to GAAP profitability and significant cost savings since mid-2022.
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