FINDELL CAPITAL MANAGEMENT URGES OPORTUN STOCKHOLDERS TO VOTE THE WHITE PROXY CARD TO ELECT AN INDEPENDENT CONSUMER FINANCIAL SERVICES EXPERT TO THE BOARD

Rhea-AI Summary

Findell Capital Management, a major stockholder of Oportun Financial Corporation (NASDAQ: OPRT), has issued a letter urging shareholders to vote using the WHITE proxy card at the upcoming Annual Meeting. The activist investor is pushing for three key changes: 1) the election of Warren Wilcox, an experienced financial services executive, to the board; 2) the re-election of Carlos Minetti, a newly appointed independent director; and 3) the removal of CEO Raul Vazquez from the board. Findell argues that Vazquez's leadership has been value-destructive and warns that due to the board's classified structure, this may be the last opportunity until 2028 to remove him from the board. The firm emphasizes that shareholders who previously voted on the company's proxy card can still change their vote using the WHITE proxy card.

Positive

• Opportunity to elect Warren Wilcox, an experienced financial services executive with fresh value-enhancement ideas
• Potential for improved board oversight and governance through removal of CEO from board position
• Presence of independent director Carlos Minetti who brings crucial experience to the board

Negative

• Current board structure described as dominated by inexperience and close ties to CEO
• Value-destructive influence of current CEO according to activist investor
• Classified board structure limiting shareholder ability to make changes until 2028

News Market Reaction – OPRT

-6.45%

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-6.45% News Effect

On the day this news was published, OPRT declined 6.45%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

NEW YORK, June 3, 2025 /PRNewswire/ -- Findell Capital Management LLC (collectively with its affiliates, "Findell", "we" or "us"), one of the largest stockholders of Oportun Financial Corporation (NASDAQ: OPRT), today issued an open letter to its fellow stockholders.

The full text of the letter can be found here: Findell Letter to OPRT Stockholders (June 3, 2025)

We urge stockholders to vote on the enclosed WHITE proxy card to:

• Elect our highly qualified and independent candidate, Warren Wilcox, who is a seasoned director and executive with financial services expertise and fresh ideas for enhancing value.
• Reelect the newly appointed and highly qualified Carlos Minetti, who, while a minority in a boardroom dominated by inexperience and close ties to CEO Raul Vazquez, has the independence and experience we believe is crucial to delivering value at Oportun.
• Reject the continued Board service of failed CEO Raul Vazquez to finally provide our directors with an unobstructed forum for evaluating his record, providing long-overdue oversight and considering potential replacements.

We, as stockholders, have a fleeting opportunity to mitigate Mr. Vazquez's value-destructive influence at this year's Annual Meeting. The Board's "classified" structure means he may not appear on the ballot again until 2028 or later (even if the Board is declassified at the Annual Meeting, Mr. Vazquez's three-year term would not be reduced).  This is the moment to lay a foundation for a lasting turnaround by removing Mr. Vazquez from the Board. Importantly, if you have already voted for Mr. Vazquez on the Company's proxy card by mail, internet or phone, a later-dated vote on the enclosed WHITE proxy card will revoke your prior vote. Only your latest dated vote counts!
Visit www.OpportunityAtOportun.com for information on how to vote.

Contact:

Findell Capital Management, LLC
88 Pine Street, 22nd Fl.
New York, NY 10005
info@findell.us

OR

Saratoga Proxy Consulting LLC
John Ferguson
info@saratogaproxy.com

View original content:https://www.prnewswire.com/news-releases/findell-capital-management-urges-oportun-stockholders-to-vote-the-white-proxy-card-to-elect-an-independent-consumer-financial-services-expert-to-the-board-302472449.html

SOURCE Findell Capital Management, LLC

FAQ

What changes is Findell Capital Management proposing for Oportun's (OPRT) board?

Findell is proposing to elect Warren Wilcox as a new independent director, re-elect Carlos Minetti, and remove current CEO Raul Vazquez from the board.

Why does Findell want to remove Oportun's (OPRT) CEO from the board?

Findell believes CEO Raul Vazquez has been value-destructive and wants to provide directors with an unobstructed forum for evaluating his record and considering potential replacements.

How can Oportun (OPRT) shareholders vote on these proposed changes?

Shareholders can vote using the WHITE proxy card, and even those who previously voted on the company's proxy card can change their vote by submitting a later-dated WHITE proxy card.

When is the next opportunity to vote on Oportun's (OPRT) CEO board position if not removed now?

Due to the classified board structure, the next opportunity to vote on CEO Raul Vazquez's board position would not be until 2028 or later.

Who is Warren Wilcox, the proposed new director for Oportun (OPRT)?

Warren Wilcox is described as a highly qualified and independent candidate with seasoned director experience and financial services expertise.