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Oportun Financial Corp (OPRT) provides responsible credit solutions and banking services to underserved communities through innovative fintech solutions. This news hub offers investors and stakeholders timely updates on company developments, financial performance, and strategic initiatives.
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Oportun (Nasdaq: OPRT), a mission-driven fintech company, has secured a new $245 million committed warehouse facility. The facility features a three-year revolving period and is collateralized by Oportun's unsecured and secured loan originations. Deutsche Bank AG, New York branch, joins as a new senior lender, while Jefferies continues as a mezzanine lender.
Jonathan Coblentz, Oportun's CFO, emphasized that this facility demonstrates the company's ability to attract new investors and strengthen existing relationships. The long-term committed financing is expected to support Oportun's responsible growth in the coming years. Oportun maintains a diverse capital structure, including warehouse facilities, asset-backed securitizations, corporate-level debt, and whole loan sales.
Oportun (Nasdaq: OPRT), a mission-driven fintech company, has announced it will release its second quarter 2024 financial results on Thursday, August 8, 2024, after market close. The company will host a conference call and earnings webcast to discuss the results on the same day at 5:00 pm ET / 2:00 pm PT.
Investors and interested parties can access the live webcast from Oportun's investor relations website at investor.oportun.com. A webcast replay will be available for one year. For those who prefer to dial in, the conference call number is 1-866-604-1698 (toll-free) or 1-201-389-0844 (international). Participants are advised to call in 10 minutes before the scheduled start time.
Concerned shareholders of Oportun Financial (NASDAQ: OPRT) are calling for the resignation of three directors and the appointment of a new CEO following the 2024 Annual Meeting. The group, led by Bradley Radoff and Josh Schechter, highlights that only 28.4% of total outstanding shares voted for Nominating and Corporate Governance Committee Chair Ginny Lee in an uncontested election. They urge Ms. Lee, Neil Williams, and Louis Miramontes to resign, citing their apparent inability to hold CEO Raul Vazquez accountable for poor financial results and an ~80% share price decline since the 2019 IPO.
The shareholders demand the appointment of a new CEO with relevant industry experience to initiate a turnaround. They also criticize the use of non-GAAP metrics for executive compensation and call for industry-standard GAAP metrics instead.
Oportun (Nasdaq: OPRT), a mission-driven fintech company, announced on June 20, 2024, that it granted a total of 142,478 restricted stock units (RSUs) to 39 new employees who joined the company in 2024. The grants were made under the Oportun 2021 Inducement Equity Incentive Plan. These RSUs have two vesting schedules: a four-year term with 25% vesting after one year and the balance in 12 equal quarterly installments, or a three-year term with approximately 33% vesting after one year and the balance in 8 equal quarterly installments. Both vesting schedules are contingent upon continued employment or service through each vesting date.
Oportun (Nasdaq: OPRT), a mission-driven fintech company, announced its participation in the upcoming Sidoti June Virtual Investor Conference.
Oportun’s CEO Raul Vazquez and CFO Jonathan Coblentz will present and engage in investor meetings at the conference.
The presentation is scheduled for 4:00 pm ET on June 12, 2024, and can be accessed live via the company's Investor Relations website.
A replay of the presentation will be available for 90 days following the event.
Oportun Financial (Nasdaq: OPRT) reported strong first-quarter 2024 financial results, with a 15% sequential and 25% year-over-year decline in operating expenses, a $76 million reduction in GAAP net loss, and a return to adjusted profitability. The company executed a $150 million whole loan sale agreement in May and raised its full-year 2024 Total Revenue and Adjusted EBITDA guidance. The company expects further operational improvement throughout the year, with a 31% uplift in Adjusted EBITDA at the midpoint and a 350% year-over-year growth. Oportun reaffirmed its expectation to be Adjusted Net Income profitable in 2024.
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