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SAN CARLOS, Calif. - Oportun Financial Corporation (NASDAQ:OPRT), whose stock has surged over 135% in the past year according to InvestingPro data, announced Monday it has entered into a multi-year cooperation agreement with Findell Capital Management LLC to resolve their contested director election.
Under the agreement, Findell will support Oportun’s nominees, CEO Raul Vazquez and Carlos Minetti, at the 2025 Annual Meeting of Stockholders. In exchange, Oportun’s board will appoint Warren Wilcox as a Class III director following the meeting, with his term set to expire at the company’s 2028 Annual Meeting.
The appointment will increase the board to nine directors, with one incumbent director scheduled to retire at or before the 2026 Annual Meeting. Findell has withdrawn its notice to nominate a competing director candidate.
The agreement includes standard standstill and non-disparagement provisions and voting commitments, remaining effective until 15 days before the nomination deadline for Oportun’s 2028 Annual Meeting.
Oportun, a financial services company that provides borrowing, savings, and budgeting tools, trades on the Nasdaq under the ticker OPRT. Since its founding, the company reports it has provided more than $20.3 billion in credit and helped customers save over $2.4 billion in interest and fees.
The full text of the agreement will be filed with the Securities and Exchange Commission as an exhibit to a Current Report on Form 8-K, according to the company’s press release statement.
In other recent news, Oportun Financial Corporation is embroiled in a proxy contest with one of its largest shareholders, Findell Capital Management. The financial services company has been actively urging stockholders to support CEO Raul Vazquez and Carlos Minetti for board positions at the upcoming annual meeting. In contrast, Institutional Shareholder Services (ISS) has recommended that stockholders vote for Findell’s nominee, Warren Wilcox, citing concerns over Oportun’s corporate governance and strategic direction. Oportun has reduced its board size and rebalanced director skills in response to shareholder feedback, aiming to resolve the ongoing dispute with Findell. Despite these efforts, Findell remains committed to adding Wilcox to the board and retaining Scott Parker, a former independent director. Findell has criticized the current board’s expenditure on the proxy fight and expressed a desire for a resolution that would enhance shareholder value. Oportun, on the other hand, maintains that removing Vazquez could destabilize the company. Both parties continue to seek an agreement that aligns with the interests of all stockholders.
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