Business
Oportun Announces Series of Corporate Governance Enhancements
SAN CARLOS, Calif., Oct. 11, 2023 (GLOBE NEWSWIRE) -- Oportun Financial Corporation (Nasdaq: OPRT) (“Oportun” or the “Company”), a mission-driven fintech,
About this update from Oportun Financial Corporation
[{"type":"text","content":"SAN CARLOS, Calif., Oct. 11, 2023 (GLOBE NEWSWIRE) -- Oportun Financial Corporation (Nasdaq: OPRT) (“Oportun” or the “Company”), a mission-driven fintech, announced today that its Board of Directors (the “Board”) approved a series of proactive corporate governance enhancements that reflect the Company’s commitment to drive stockholder value. The Company announced the following: Adoption of a majority voting standard in uncontested director elections;Elimination of the supermajority vote provision in the Company’s bylaws related to amendments to the bylaws; andThe submission to stockholders of a proposal to eliminate the supermajority vote provisions in the Company’s certificate of incorporation. The two amendments to the bylaws were effective upon approval by the Board in October 2023. The proposal, which requires stockholder approval, will be presented to stockholders at Oportun’s 2024 Annual Meeting of Stockholders (the “2024 Annual Meeting”). “Over the past several months, we have conducted an extensive review of our governance structure to ensure that it aligns with today’s best practices,” said Ginny Lee, the Chair of the Nominating, Governance and Social Responsibility Committee of the Board. “These enhancements reflect the Board’s ongoing commitment to strong corporate governance and best position the Company to continue to enhance long-term shareholder value.” The amended bylaws have been filed with the Securities and Exchange Commission (the “SEC”) and are available at www.sec.gov. The full text of the proposal requiring stockholder approval will be included in Oportun’s proxy statement to be filed with the SEC prior to the 2024 Annual Meeting. About Oportun Oportun (Nasdaq: OPRT) is a mission-driven fintech that puts its 2 million members' financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $16.6 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members save an average of more than $1,800 annually. For more information, visit Oportun.com. Forward Looking Statements This press release contains forward-looking statements. These forward-looking statements are subject to the safe h...