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SAN CARLOS, Calif. - Oportun (NASDAQ:OPRT), whose stock has surged 166% over the past year and maintains a "GOOD" financial health score according to InvestingPro, announced Tuesday it has made multiple formal proposals to Findell Capital Management in an effort to resolve an ongoing proxy contest. The financial services company, currently valued at $314 million and trading near its Fair Value based on InvestingPro analysis, said it recently reduced its board size and rebalanced director skills following stockholder feedback.
The company stated it has sought a resolution with Findell for months, including a proposal delivered "as recently as the week before last" that involved changes to board composition. According to Oportun, Findell has not responded to this latest offer.
As part of its board restructuring, Oportun decided not to nominate incumbent Lead Independent Director Neil Williams and director Scott Parker. The company explained this decision was based on a "careful review of the Board’s expertise and needs," noting that both Williams and Parker are former public company Chief Financial Officers, while the board already has "three other directors with similar backgrounds in finance and accounting."
Oportun reiterated its commitment to engaging constructively with Findell and its willingness to resolve the proxy contest "on terms that serve the best interests of all our stockholders."
The mission-driven financial services company provides borrowing, savings, and budgeting capabilities to its members. Since its inception, Oportun reports having provided more than $20.3 billion in credit and saved members more than $2.4 billion in interest and fees.
This information is based on a press release statement issued by Oportun.
In other recent news, Oportun Financial Corporation is in the midst of a proxy contest as its Annual Meeting of Stockholders approaches on July 18, 2025. Shareholders are being urged by Oportun to vote for its board nominees, CEO Raul Vazquez and Carlos Minetti. Meanwhile, Findell Capital Partners, a major shareholder, is advocating for changes in board composition, promoting Warren Wilcox as an independent director candidate. Findell Capital has criticized Oportun’s governance, particularly questioning past strategic decisions, including the acquisition of Hello Digit, Inc., which they claim led to significant stockholder value loss. They argue that Oportun’s management has not effectively addressed cost structure issues and advocate for more substantial expense reductions. The firm has also disputed Oportun’s claims of operational improvements, attributing recent positive changes to the appointment of directors with lending expertise. Findell emphasizes the need for additional independent oversight to address what they see as ongoing underperformance. These developments highlight ongoing tensions between Oportun’s management and its significant shareholder as the annual meeting approaches.
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