Oportun Financial (OPRT) Stock News

Oportun's Lead Independent Director Neil Williams issued a letter to stockholders highlighting the Board's proactive measures to enhance shareholder value. The letter emphasizes the company's successful implementation of cost-saving initiatives, resulting in $240 million in savings since mid-2022 and a return to GAAP profitability. The Board urges stockholders to vote FOR CEO Raul Vazquez and Carlos Minetti on the GREEN proxy card, opposing Findell Capital's attempt to remove Vazquez. The company executed significant operational changes in February 2023, including workforce reductions, expense eliminations, and the sale of its credit card portfolio. Notable achievements include a recent $439 million asset-backed securitization with AAA-rated notes at a 5.67% yield. Williams, who plans to retire at the 2025 Annual Meeting, defends the Board's proactive decision-making and highlights the diverse expertise of current board members.

Oportun (OPRT), a mission-driven financial services company, announced its participation in the upcoming Sidoti June Virtual Investor Conference. CEO Raul Vazquez and Interim CFO Paul Appleton will present and hold investor meetings at the event. The presentation is scheduled for June 11th at 4:00 pm ET and will be accessible via live webcast. Investors can access the presentation through a provided link or through Oportun's Investor Relations website. A replay of the presentation will remain available for 90 days following the conference.

Oportun (OPRT) has successfully completed a $439 million asset-backed securitization, marking a significant milestone with its first AAA rating on senior bonds. The two-year revolving fixed rate notes are secured by unsecured and secured installment loans, with five classes rated from AAA to BB- by Fitch. The transaction achieved a weighted average yield of 5.67%, which is 128 basis points lower than their January ABS financing. Goldman Sachs led the structuring, with Deutsche Bank, Jefferies, and Natixis as co-leads. The Class A notes were priced at 4.88%, Class B at 5.28%, Class C at 5.52%, Class D at 6.45%, and Class E at 9.40% with a 10.19% yield. This improved pricing reflects strong investor demand and demonstrates Oportun's growing market strength in providing affordable credit.

Findell Capital Partners criticizes Oportun Financial Corporation's (NASDAQ: OPRT) board leadership, particularly focusing on Ginny Lee's potential appointment as lead independent director. The activist investor condemns the board's decision to remove Scott Parker, a director who helped achieve a +190% TSR during his tenure. Findell highlights concerns about legacy board members' qualifications, noting their lack of lending experience and poor performance oversight, with TSR declines ranging from -58% to -75%. The firm specifically questions Ms. Lee's competence, citing her limited understanding of lending operations and previous professional connection to CEO Raul Vazquez at Intuit. Findell urges shareholders to vote for their nominee Warren Wilcox and against Vazquez at the 2025 Annual Meeting, while advocating for Parker's reinstatement.

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.

Oportun (NASDAQ: OPRT) has issued a letter to stockholders and mailed definitive proxy materials for its 2025 Annual Meeting. The company highlights strong Q1 2025 performance with 40% year-over-year growth in originations, a 13.3% adjusted operating expense ratio, and improving credit metrics. Oportun maintains its 2025 adjusted EPS guidance of $1.10-$1.30, representing 53-81% growth. The company is facing a proxy contest from Findell Capital Management, which seeks to remove CEO Raul Vazquez from the Board. Oportun urges stockholders to vote FOR its two nominees - Raul Vazquez and Carlos Minetti - on the GREEN proxy card. The company emphasizes its successful business transformation, focusing on improving credit outcomes, strengthening economics, and identifying quality originations. The Annual Meeting is scheduled for July 18, 2025, with stockholders of record as of May 27, 2025 eligible to vote.

Oportun (NASDAQ: OPRT), a mission-driven financial services company, has been recognized as a Top Workplace for 2025 by San Francisco Bay Area Top Workplaces. This marks the seventh consecutive recognition from the San Francisco Chronicle and extends the company's streak of workplace awards from regional or national publications to ten years. The recognition is based on an anonymous employee survey conducted by Energage LLC, measuring various aspects of employee experience including growth opportunities, support, and empowerment.

Oportun Financial (NASDAQ: OPRT) reported strong Q1 2025 results, marking its second consecutive quarter of GAAP profitability. The company achieved GAAP net income of $9.8 million, a $36 million improvement year-over-year, with GAAP EPS of $0.21 and Adjusted EPS of $0.40. Total revenue was $236 million, with aggregate originations reaching $469 million, up 39% year-over-year. Operating expenses decreased 15% to $93 million. Credit performance showed improvement with 30+ day delinquencies at 4.7% and net charge-off rate at 12.2%. The company maintains its full year 2025 Adjusted EPS guidance of $1.10-$1.30 but moderates loan originations growth expectations to approximately 10%. Secured personal loans showed strong performance with a $178 million receivables balance.

Findell Capital Management, Oportun Financial's (NASDAQ: OPRT) largest stockholder, has criticized the company's decision to reduce its Board size from 10 to 8 members. The key controversy centers around the decision not to renominate Scott Parker, a highly qualified director with valuable CFO experience. Findell is actively seeking to replace CEO Raul Vazquez with Warren Wilcox, an experienced lending executive, at the 2025 Annual Meeting. Brian Finn, Findell's Founder and CIO, views the board reduction as an attempt by legacy directors to maintain control and prevent accountability. Findell, which owns 2,131,000 shares directly through Findell Partners and 1,310,300 shares through managed accounts, has launched a proxy campaign at www.OpportunityAtOportun.com, urging stockholders to vote on the WHITE proxy card for Wilcox.