TSX runs higher on rate cut expectations
NEW YORK - Findell Capital Partners, one of the largest stockholders of Oportun Financial Corporation (NASDAQ:OPRT), issued a statement Monday reiterating its commitment to reaching a settlement with the company. The statement comes as Oportun’s stock shows remarkable momentum, with a nearly 90% gain over the past six months and a current market capitalization of $316 million, according to InvestingPro data.
The investment firm expressed its belief that a compromise could improve corporate governance and enhance value creation through directors with lending expertise. Specifically, Findell is advocating for the addition of Warren Wilcox to Oportun’s Board of Directors and the continued service of Scott Parker, a former independent director. The push for improved governance comes as analysts project a return to profitability this year, with InvestingPro forecasting earnings per share of $1.33 for fiscal year 2025.
"We urge the Board to put an end to the millions of dollars in stockholder capital that is being wasted to fight one of the Company’s largest owners," Findell stated in its press release.
Parker, who previously served as an independent director, added that he believes his "prior experience and industry knowledge can help further enhance shareholder value at Oportun through strong board oversight."
Findell emphasized its readiness to engage with Oportun on an outcome that would benefit all stockholders. The investment firm suggested that Parker’s experience as a former public company CFO and consumer lending executive makes him valuable to the board.
The statement comes amid what appears to be ongoing disagreement between the investment firm and Oportun’s management regarding board composition and corporate direction. While the company maintains strong liquidity with a current ratio of 10.91, deeper insights into Oportun’s financial health, governance metrics, and growth potential are available through InvestingPro’s comprehensive research reports, which cover over 1,400 US stocks.
In other recent news, Oportun Financial Corporation is preparing for its Annual Meeting of Stockholders on July 18, 2025, amid a proxy contest. The company is urging shareholders to support its board nominees, CEO Raul Vazquez and Carlos Minetti, using the green proxy card. Meanwhile, Findell Capital Partners, a significant shareholder, is challenging the current board’s decisions, citing governance failures and strategic missteps, including the acquisition of Hello Digit, Inc. Findell is advocating for the election of Warren Wilcox, an independent director candidate, and criticizes the current leadership for a decline in stockholder value. They argue that Oportun’s cost-cutting measures, initiated in February 2023, were insufficient and only improved after Findell’s involvement. The activist investor claims that recent improvements in operating expenses per loan are due to the appointment of new directors. Oportun, on the other hand, credits its independent board actions for recent financial improvements, including returning to GAAP profitability and achieving $240 million in cost savings. The company has engaged Innisfree M&A Incorporated to assist with the proxy solicitation process.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.