Findell Capital Amends Oportun Financial Stake Filing

TL;DR

Findell Capital just updated their Oportun stake filing - watch this space.

AI Summary

Findell Capital Management LLC, through its affiliate Findell Capital Partners LP, has amended its Schedule 13D filing regarding Oportun Financial Corporation. The filing, dated March 19, 2024, indicates a change in beneficial ownership. Findell Capital Partners LP previously held a significant stake and this amendment likely reflects ongoing or new activity related to their investment in Oportun Financial Corporation.

Why It Matters

This filing signals potential shifts in major shareholder positions, which could influence Oportun Financial's stock performance and strategic direction.

Risk Assessment

Risk Level: medium — Changes in major shareholder filings can indicate strategic moves or dissatisfaction, potentially impacting stock price.

Key Players & Entities

• Findell Capital Management LLC (company) — Filing entity
• Findell Capital Partners LP (company) — Affiliated filing entity
• Oportun Financial Corporation (company) — Subject company

FAQ

Key Financial Figures

• $0.0001 — ation (Name of Issuer) Common Stock, $0.0001 par value per share (Title of Class o
• $9,902,833 — ed as follows: FCM invested a total of $9,902,833, including brokerage commissions, to pu
• $348,200 — res. Mr. Tomlinson invested a total of $348,200, including brokerage commissions, to pu
• $57 — held by Mr. Tomlinson was approximately $57. Such Shares and put options were purch
• $2 — Shares, which had an exercise price of $2.50, were exercised on March 15, 2024, a
• $2.50 — Shares, which have an exercise price of $2.50 and which expire on April 19, 2024, as
• $3.7804 — ale Purchase of Common Stock 80,000 $3.7804 1 03/11/2024 Purchase of Common Stoc
• $3.8284 — 024 Purchase of Common Stock 29,000 $3.8284 2 03/12/2024 Purchase of Common Stoc
• $3.6785 — 2024 Purchase of Common Stock 8,000 $3.6785 3 03/13/2024 Purchase of Common Stoc
• $3.5647 — 024 Purchase of Common Stock 11,000 $3.5647 4 03/14/2024 Purchase of Common Stoc
• $3.0167 — 24 Purchase of Common Stock 200,000 $3.0167 5 03/15/2024 Purchase of Common Stoc
• $2.8460 — 024 Purchase of Common Stock 20,000 $2.8460 6 03/18/2024 Purchase of Common Stoc
• $2.6051 — 024 Purchase of Common Stock 10,000 $2.6051 7 03/19/2024 1 The price reported is
• $3.8700 — e transactions ranging from $ 3.5950 to $3.8700 per Share. The Reporting Persons undert
• $3.7500 — s in multiple transactions ranging from $3.7500 to $4.0100 per Share. The Reporting Per

Filing Documents

• e619390_sc13da-oportun.htm (SC 13D/A) — 220KB
• 0001193805-24-000409.txt ( ) — 221KB

Source and Amount of Funds or Other Consideration

Item 3. Source and Amount of Funds or Other Consideration .

is hereby amended and

Item 3 is hereby amended and restated as follows: FCM invested a total of $9,902,833, including brokerage commissions, to purchase 2,649,600 Shares. The source of funds was FCM’s capital available for investment. FCM may effect purchases of Shares through margin accounts maintained for it with brokers, which extend margin credit as and when required to open or carry positions in their margin accounts, subject to applicable federal margin regulations, stock exchange rules and such firms’ credit policies. Positions in Shares may be held in margin accounts and may be pledged as collateral security for the repayment of debit balances in such accounts. Such margin accounts may from time to time have debit balances. Because other securities may be held in such margin accounts, it may not be possible to determine the amounts, if any, of margin used to purchase Shares. Mr. Tomlinson invested a total of $348,200, including brokerage commissions, to purchase 104,000 Shares. The aggregate purchase price of the put options underlying 1,000 Shares held by Mr. Tomlinson was approximately $57. Such Shares and put options were purchased with personal funds, which purchases were effected through a margin account maintained with his broker, Charles Schwab, which extends margin credit as and when required to open or carry positions in such account, subject to applicable federal margin regulations, stock exchange rules and Charles Schwab’s credit policies. Since other securities are held in such margin account in addition to the Shares, it may not be possible to determine the amounts, if any, of margin attributable to the Shares. Nevertheless, to the best of Mr. Tomlinson’s knowledge, no Shares he holds were acquired on margin. Mr. Tomlinson is in the process of transferring all Shares that he owns into a non-marginable cash account.

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer . Items 5(a) through (e) are hereby amended and restated to read as follows: (a) As of the date hereof, the Reporting Persons beneficially owned 2,753,600 Shares in the aggregate, representing approximately 8.0% of the outstanding Shares, including (i) 2,021,000 Shares held directly by FCP, representing approximately 5.9% of the outstanding Shares, (ii) 618,600 Shares held in certain separately managed accounts and (iii) 104,000 Shares beneficially owned by Mr. Tomlinson, which includes 1,000 Shares underlying certain put options held by Mr. Tomlinson. The aggregate percentage of Shares reported owned by the Reporting Persons herein is based upon 34,557,486 Shares outstanding, as of March 13, 2024, which is the total number of Shares outstanding as reported in the Issuer’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 15, 2024. (b) Each of FCP, FCM, FMGP and Mr. Finn has shared voting power and shared investment power with respect to the Shares beneficially owned by them. Mr. Tomlinson has sole voting power and sole investment power with respect to the Shares beneficially owned by him. (c) Since the filing of Amendment No. 2 to the Schedule 13D, none of the Reporting Persons has effected any transactions in the Shares, except as set forth on Schedule A. 8 CUSIP No. 68376D104 Each Reporting Person, as a member of a “group” with the other Reporting Persons for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, may be deemed the beneficial owner of the Shares directly owned by the other Reporting Persons. Each Reporting Person disclaims beneficial (d) No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares. (e

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer .

is hereby amended to

Item 6 is hereby amended to add the following: Mr. Tomlinson’s American-style call options referencing an aggregate of 1,000 Shares, which had an exercise price of $2.50, were exercised on March 15, 2024, as further described on Schedule A hereto. Mr. Tomlinson has purchased American-style put options referencing an aggregate of 1,000 Shares, which have an exercise price of $2.50 and which expire on April 19, 2024, as further described on Schedule A hereto. 9 CUSIP No. 68376D104

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of their knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: March 19, 2024 Findell Capital Partners, LP By: Finn Management GP LLC General Partner By: /s/ Brian A. Finn Name: Brian A. Finn Title: Managing Member Finn Management GP LLC By: /s/ Brian A. Finn Name: Brian A. Finn Title: Managing Member Findell Capital Management LLC By: /s/ Brian A. Finn Name: Brian A. Finn Title: Member /s/ Brian A. Finn Brian A. Finn /s/ Susan Ehrlich Susan Ehrlich /s/ Scott Parker Scott Parker /s/ David Tomlinson David Tomlinson 10 CUSIP No. 68376D104 SCHEDULE A Transactions in Securities of the Issuer since the Filing of Amendment No. 2 to the Schedule 13D (all purchases and sales effected on the NASDAQ except as indicated below) Findell Capital Management LLC Nature of the Transaction Amount of Securities Purchased/(Sold) Price ($) Date of Purchase/Sale Purchase of Common Stock 80,000 $3.7804 1 03/11/2024 Purchase of Common Stock 29,000 $3.8284 2 03/12/2024 Purchase of Common Stock 8,000 $3.6785 3 03/13/2024 Purchase of Common Stock 11,000 $3.5647 4 03/14/2024 Purchase of Common Stock 200,000 $3.0167 5 03/15/2024 Purchase of Common Stock 20,000 $2.8460 6 03/18/2024 Purchase of Common Stock 10,000 $2.6051 7 03/19/2024 1 The price reported is a weighted average price. These Shares were purchases in multiple transactions ranging from $ 3.5950 to $3.8700 per Share. The Reporting Persons undertake to provide to the Issuer, any security of the Issuer or the staff of the of the Securities and Exchange Commission, upon request, full information regarding the number of Shares purchased at each separate price within the range set forth in this footnote 1. 2 The price reported is a weighted average price. These Shares were purchases in m

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