FINDELL CAPITAL MANAGEMENT RESPONDS TO OPORTUN (NASDAQ: OPRT) COMMENTS, ANNOUNCES NOMINATION OF SANDRA BELL AND WARREN WILCOX
- Editor
- Mar 27
- 1 min read
Whats Happening:
Findell Capital Management, owning 9.2% of Oportun Financial Corporation, has nominated Sandra Bell and Warren Wilcox to the board. The fund criticizes the current board's lack of lending experience and governance issues, attributing recent stock price improvements to Findell's involvement and new directors added in 2024.
Key Moves:
Findell Capital nominates Sandra Bell and Warren Wilcox to Oportun's board
Findell criticizes current board's lack of lending experience and governance
Attributes recent stock price improvement to Findell's involvement and new directors
By The Numbers:
Findell owns 9.2% of Oportun's outstanding common stock
Oportun's stock fell from $27.95 in Nov 2021 to around $3 in early 2023
Stock has since recovered to approximately $6.00
Key Quotes:
"We believe it is rich for the legacy Board and management to take credit for the recent improvement in stock price given their decisions drove Oportun to the brink of insolvency"
"The reality of this business is simple - Oportun has a loan book of approximately $3 billion that throws off $1 billion in interest revenue and, if operated in line with competitive benchmarks, should generate more than $250 million in pre-tax income."
"We believe that Oportun is a gem of a lending business that is dramatically underperforming and undervalued"
Bottom Line:
Findell Capital is pushing for significant changes in Oportun's board composition and governance, arguing that the current leadership has underperformed and that the fund's involvement has been crucial in recent improvements. The nomination of two experienced directors aims to address perceived shortcomings in lending expertise and corporate governance.
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