Dream Chasers Wins Carver Retail Shareholder Vote by a Landslide

In a resounding victory for change, Dream Chasers Capital Group (Dream Chasers) has won the Carver Bancorp, Inc. (Carver) retail shareholder vote by a landslide. The activist investor group secured approximately 70% of the retail vote for their nominees, Jeffrey "Jeff" Anderson and Jeffrey Bailey, to join the Board of Directors. This overwhelming support from retail shareholders signals a strong desire for new voices and fresh ideas to drive Carver's growth and profitability.

Dream Chasers' success can be attributed to their effective communication strategy and engagement with retail investors. By highlighting Carver's poor performance over the past decade, including $25 million in losses and an 80% stock price drop, Dream Chasers resonated with retail shareholders seeking a turnaround. Their clear, qualified nominees and simplified voting process, using a blue proxy card, further facilitated retail investors' participation.

The perceived underperformance of Carver's board and management played a significant role in swaying retail shareholders' votes. Dream Chasers' campaign emphasized the need for change, urging shareholders to support their nominees and withhold votes on Carver's non-performing directors. The landslide victory for Dream Chasers' nominees indicates retail shareholders' dissatisfaction with Carver's board and management, seeking a change to drive growth and profitability.

The extension of the voting period by 45 minutes in the Carver Bancorp Annual Meeting of Shareholders did not significantly impact the number of votes cast or the final outcome. Preliminary results indicated that approximately 70% of retail shareholders supported Jeffrey "Jeff" Anderson and/or Jeffrey Bailey for election to the Board, a figure that remained consistent despite the extended voting period. This suggests that the extension did not sway the vote in favor of the incumbent directors, as the margin of victory for the Dream Chasers nominees was substantial.

Dream Chasers CEO Greg Lewis criticized the extension, stating, "Keeping the voting open is an outrage and we will pursue every avenue available to ensure a fair and transparent election." Carver officials defended their actions, claiming the extension was to give shareholders additional time to vote. However, Dream Chasers demanded transparency, urging Carver to disclose real-time voting totals and any high-pressure sales calls made to large shareholders. The extension's rationale and communication remain unclear, raising questions about the Board's commitment to shareholder trust and transparency.

In conclusion, Dream Chasers' landslide victory in the Carver retail shareholder vote demonstrates retail investors' appetite for change and their desire for new voices on the Board. The extension of the voting period did not significantly impact the outcome, and Dream Chasers' effective communication strategy and engagement with retail shareholders played a crucial role in their success. As Carver moves forward, the Board must address the concerns of retail shareholders and work towards driving growth and profitability for the benefit of all stakeholders.