Findell Capital addresses ‘misleading statements’ by Oportun Financial

Findell Capital Partners issued a letter to its fellow stockholders of Oportun Financial (OPRT) to address the misleading statements included in Oportun’s recent materials. “Fellow Stockholders, Findell Capital Partners is the beneficial owner of approximately 7.4% of the outstanding common shares of Oportun Financial, making us a top two stockholder. Given our multi-year investment in the company and our involvement in the successful addition of independent lending experts Scott Parker and Richard Tambor to the Board of Directors in 2024, we are intimately familiar with the operational and governance issues that are preventing Oportun from achieving its full potential. At the 2025 Annual Meeting of Stockholders on July 18, we are seeking to elect Warren Wilcox to the Board to strengthen independent oversight of management and ensure the Board is no longer controlled by long-tenured directors resistant to change. Mr. Wilcox is a consumer finance and lending industry veteran who has no ties to Findell and whose appointment would, we believe, empower the Board to effectively oversee the business after years of what we can only describe as value-destructive acquisitions, slow operational improvements and entrenchment maneuvers. Recent communications from Oportun, including the June 12th letter from outgoing Lead Independent Director Neil Williams, apparently attempt to rewrite the company’s history. We want to correct what we see as clearly false and misleading statements made by Oportun so you can make an informed decision at the Annual Meeting. The attempts by the legacy Board members to take credit for these improvements are, in our view, part of a transparent effort to maintain their positions, despite a track record of poor total stockholder returns. The facts speak for themselves: the turnaround in Oportun’s operations is directly tied Findell’s engagement and the addition of Mr. Parker and Mr. Tambor. Oportun is a great lending business. We are confident that strengthening the Board with directors who have lending experience and are capable of providing independent oversight will drive the Company to new heights. Allowing the legacy directors, who have no lending experience, to retain majority control of the Board will only put Oportun at long-term risk. The choice for stockholders is that simple. By voting for Mr. Wilcox, you will not only elect someone with a lifetime of experience in consumer lending, but you will also ensure that the future of your investment is not in the hands of entrenched Board members who have destroyed significant value and allowed management to make numerous strategic errors without accountability. We urge you to vote on the WHITE proxy card today to elect Mr. Wilcox.”