Oportun Financial (OPRT) shares rose by more than 5% in pre-market trading Thursday after Findell Capital Management said that it planned to nominate two director candidates to replace CEO Raul Vasquez and lead director Neil Williams.
Findell, which owns a stake of around 9.1% in Oportun, said in an open letter to the board that the business has seen a large decline in share price due to the lack of lending experience among its legacy board members.
The hedge fund said it is nominating two candidates with lending and board experience to gain the board majority and outnumber the legacy board members. This would "drive further changes to improve the valuation and operations of Oportun," Findell said.
Oportun did not immediately reply to a request for comment by MT Newswires.
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