Medallion Finacl Stock Price, News & Analysis

Medallion Financial Corp. (NASDAQ: MFIN) has announced the preliminary results of its 2024 Annual Meeting of Shareholders. Shareholders decisively elected the company’s director nominees, Robert M. Meyer and David L. Rudnick, with over 80% of votes cast in favor. Additionally, shareholders supported Medallion's 2023 executive compensation plan and the say-on-frequency vote by an overwhelming margin. President and COO Andrew Murstein expressed gratitude for the shareholders' trust and highlighted the value creation strategy and strong operational results. The final results are subject to certification and will be reported on a Form 8-K filed with the SEC.

ZimCal Asset Management is urging all stockholders of Medallion Financial Corp (MFIN) to vote for its proposed board candidates before the upcoming shareholder meeting on June 11, 2024. ZimCal argues that changing the Board of Directors is essential to unlocking MFIN's true value. They claim that the current board has prioritized management over stockholder interests and has shielded President and COO Andrew Murstein from SEC charges. ZimCal, one of MFIN's largest investors with $15.75 million in debt and equity exposure, believes that its candidates' independence and experience can drive positive changes and significant upside potential for the company. They have issued a call to action for stockholders to vote using the WHITE proxy card.

ZimCal Asset Management urges Medallion Financial Corp (MFIN) stockholders to vote for its proposed Board candidates before the June 11th, 2024 shareholder meeting. ZimCal argues that new Board members will prioritize stockholders' interests over management's, potentially unlocking significant value for MFIN. ZimCal criticizes MFIN's current leadership, including President and COO Andrew Murstein, who is under SEC investigation for securities law violations. ZimCal, with $15.75 million invested in MFIN and holding 90,010 shares, believes that its nominees bring the necessary independence and experience to drive positive change at MFIN. Detailed voting instructions and candidate information are available at www.restoretheshine.com.

Medallion Financial Corp. (NASDAQ: MFIN) will join the Russell 3000® Index, effective July 1, 2024. This inclusion follows the annual Russell US Indexes reconstitution, based on market capitalization as of April 30. Membership in the Russell 3000® Index ensures automatic inclusion in the Russell 1000® or Russell 2000® Index and relevant growth and value style indexes. Medallion's entry into this index highlights its growth and strategic transformation into a leading lender. Approximately $10.5 trillion in assets are benchmarked against the Russell US indexes, used widely by investment managers and institutional investors.

Medallion Financial Corp. (NASDAQ: MFIN) announced that Institutional Shareholder Services (ISS) recommends shareholders vote 'FOR' both of the Board's director nominees, Robert M. Meyer and David L. Rudnick, on the BLUE proxy card at the 2024 Annual Meeting on June 11. ISS also supports the executive compensation proposal. ISS noted Medallion's total shareholder return (TSR) outperformed peers and the market over one-, three-, and five-year periods. The report highlights the company's recovery from the taxi medallion crisis, the growth in consumer recreation and home improvement portfolios, and the resumption of dividends and stock repurchases.

ISS praised the alignment of pay and performance, citing the introduction of performance equity in the long-term incentive (LTI) program. Medallion's Board emphasizes delivering shareholder value and urges votes for their nominees and compensation approval.

ZimCal has responded to accusations from Medallion Financial Corp. (MFIN) by publishing a rebuttal deck and unedited emails. ZimCal accuses MFIN and its President, Andrew Murstein, of making false claims and highlights that MFIN is under SEC investigation for fraud and lying. ZimCal has shared these materials to show their efforts to improve MFIN's governance and leadership. Despite accusations of greenmail, ZimCal maintains that their goal is a better-run MFIN. ZimCal, a significant MFIN investor with over $15.72 million in debt and equity, is engaged in a proxy contest to replace two Board members with more qualified individuals, believing stockholders want change.

ZimCal Asset Management, a major investor in Medallion Financial Corp (MFIN), has expressed concerns regarding excessive executive compensation at MFIN despite a 20% YTD stock price decline. ZimCal is engaging in a proxy contest to replace two Directors with more qualified individuals to rectify this issue. The company has sent a letter to stockholders highlighting the $25 million compensation received by MFIN's President since 2018, which they argue is disproportionate compared to the company’s $77 million in earnings. ZimCal believes this compensation structure misaligns management incentives with stockholder interests. They propose immediate changes to the compensation framework if their nominees are elected. ZimCal's detailed plan can be accessed at www.restoretheshine.com/5-steps.

ZimCal Asset Management and its affiliates responded to alleged defamatory statements by Medallion Financial Corp. in its solicitation materials. ZimCal claims Medallion's statements, meant to harm ZimCal's reputation and gain an unfair advantage in a proxy contest, are false and violate Section 14(a) of the Securities Exchange Act. ZimCal has issued a cease and desist letter, demanding Medallion withdraw the material and issue corrections. ZimCal highlights its consistent support for Medallion's potential and calls for improved governance and independent investigation into the SEC's complaint against Medallion’s Andrew Murstein. ZimCal urges shareholders to vote for their nominees using the WHITE proxy card.

ZimCal Asset Management, expresses concern over Medallion Financial Corp.'s 1Q24 results, emphasizing the need for change in governance and leadership. Despite a boost in earnings from recoveries and provisions, critical metrics show performance decline. The company urges MFIN to address subprime loan risks and track key data for mitigation. ZimCal emphasizes the importance of monitoring trends and taking concrete actions to improve the company's financial health.