Oportun reaches cooperation agreement with Findell Capital

Oportun Financial Corporation (NASDAQ: OPRT) announced it has entered into a multi-year cooperation agreement with Findell Capital Management LLC to end a contested director election.

Under the agreement, Findell agreed to support and vote for Oportun's nominees, CEO Raul Vazquez and Carlos Minetti, at the 2025 Annual Meeting of Stockholders. The Oportun Board of Directors will appoint Warren Wilcox to the board as a Class III director following the annual meeting, with a term expiring at the company's 2028 Annual Meeting of Stockholders.

Following Wilcox's appointment, the board will consist of nine directors. One incumbent director will retire at or before Oportun's 2026 Annual Meeting of Stockholders.

Findell agreed to withdraw its notice of intent to nominate a director candidate for election to the board at the annual meeting. The agreement contains standstill and non-disparagement provisions and voting commitments, and will remain in effect until 15 days before the nomination deadline for the company's 2028 Annual Meeting.

The company stated the agreement summary does not purport to be complete and is subject to the full text of the agreement, which will be filed as an exhibit to a Current Report on Form 8-K with the U.S. Securities and Exchange Commission.

Oportun is a financial services company that provides borrowing, savings, and budgeting services. Since inception, the company has provided more than $20.3 billion in credit and saved its members more than $2.4 billion in interest and fees, according to the press release.

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