BIMIZCI Fund LLC urged Medallion Financial Corp. (NASDAQ: MFIN) shareholders to vote for its three board nominees ahead of the company's annual meeting scheduled for June 9, 2026, according to a press release statement.

BIMIZCI, which describes itself as Medallion's fourth-largest institutional shareholder as of June 4, 2026, holds 530,250 shares plus $15 million par value of trust preferred securities. The fund's total cash investment of $11.7 million comprises 42% stock and 58% preferred securities.

Two proxy advisory firms, ISS and Glass Lewis, supported two BIMIZCI candidates and agreed that change was necessary at Medallion Financial, according to the statement. BIMIZCI nominated Eric Kelly, John Kiernan, and Timothy Shanahan to the board.

The fund cited several performance metrics in its criticism of Medallion's current management. Recreation loan charge-offs reached a 16-year high, first quarter 2026 earnings were the lowest in five years, and the SBA declared an event of default on $73.5 million of subsidiary debentures. The company's price-to-tangible book multiple of 0.80x in the first quarter of 2026 approached all-time lows.

BIMIZCI stated it has engaged with Medallion over 50 times in the past three years and delivered two white papers. The fund proposes changes including board refreshment, technology expertise addition, revenue diversification away from consumer lending, and executive compensation reforms.

Shareholders of record as of April 13, 2026, can vote using the blue proxy card. BIMIZCI filed a definitive proxy statement under Schedule 14A on May 8, 2026, containing information about the nominees and their interests.