Findell Capital Management Takes Aim at Oportun's Board: A Call for Change!

Ladies and gentlemen, buckle up! We've got a showdown brewing in the world of finance, and it's all about Oportun Financial Corporation (NASDAQ: OPRT). Findell Capital Management, which owns a hefty 9.2% of Oportun's stock, has just dropped a bombshell. They've nominated two heavy-hitters, Sandra Bell and Warren Wilcox, to join the board. Why? Because they believe the current board is a hot mess, and it's time for a change!



Let's break it down. Findell is calling out the legacy board for their lack of lending experience and their track record of value destruction. They point out that Oportun's stock price plummeted from $27.95 in November 2021 to around $3 in early 2023. That's a disaster! But here's the kicker: Findell stepped in, and after some serious engagement, three new directors with extensive lending experience joined the board in 2024. Guess what? The stock has since recovered to approximately $6.00. Coincidence? I think not!

Findell is not messing around. They've called for $450 million in total operating expenses, and while Oportun has reduced its expenses to $400 million, Findell argues that these cost reductions didn't keep up with the declines in origination volume and income-producing assets. They're saying, "You're not doing enough, Oportun!" And they're right!

Now, let's talk about the nominees. Sandra Bell and Warren Wilcox are not your average board members. They've got extensive lending and public board experience, which is exactly what Oportun needs. Findell is confident that these two will drive the much-needed governance and operational improvements that Oportun desperately needs.

But the legacy board isn't having it. They're touting their recent results and arguing that they justify not making governance improvements. Findell is having none of it. They're calling out the board for taking credit for the recent improvement in stock price, when in reality, it's Findell's involvement and the oversight provided by the new directors that have made the difference.

So, what's next? Oportun will have to answer two questions: Why will this lending company not make the critical operational and governance improvements that Findell has called for? And why are they refusing to make these changes, which would drive earnings and associated multiples substantially higher upon adoption?



The market is watching, and it's time for Oportun to step up. Findell has made their move, and it's a bold one. They're not afraid to call out the legacy board and demand change. And you know what? They're right to do so. Oportun has the potential to be a powerhouse in the lending industry, but it needs the right leadership to get there.

So, what do you think? Are you with Findell, or are you sticking with the legacy board? The choice is yours, but one thing is for sure: This is a battle worth watching. Stay tuned, folks, because this is just the beginning!