ZimCal Asset Management LLC and its affiliates (“ZimCal”) raised concerns about poorly trending 1Q24 results, particularly charge-off (net) trends, and urged MFIN to take decisive risk-management steps immediately.

Steve H 4/28/24 Steve H 4/28/24

04/26/24 - ZimCal sends shareholder letter highlighting its concerns with MFIN’s stock price decline, management compensation, core business performance and other material risks.

Steve H 4/26/24 Steve H 4/26/24

04/26/24 - ZimCal files Definitive Proxy Statement seeking election of two highly qualified alternative directors to the board of Medallion Financial Corp.

ZimCal also urges:
1. A vote “AGAINST” a non-binding advisory resolution to approve the 2023 compensation of the Company’s named executive officers.
2. A vote for “EVERY YEAR” on the frequency of conducting future advisory votes to approve named executive officer compensation.

Steve H 4/14/24 Steve H 4/14/24

04/12/24 - Press Release: ZimCal Announces Nomination of 2 Independent Directors and Preliminary Proxy Filing.

Steve H 4/10/24 Steve H 4/10/24

04/10/24 - ZimCal files SEC Preliminary Proxy Statement seeking election of two highly qualified alternative directors.

ZimCal files Preliminary Proxy Statement with SEC outlining case for the nomination of its two, highly-qualified alternative directors to the Board of MFIN.

Materials

12/05/24 - Medallion Financial and Andrew Murstein in discussions with SEC to settle charges ahead of potentially invasive discovery, testifying under oath and co-defendant cooperating with the SEC.

09/18/24 - Judge denies almost all Medallion Financial’s and Andrew Murstein’s motions to dismiss SEC charges in a huge blow to MFIN and Murstein, exposing stockholders to significant penalties.

08/20/24 - Press Release: ZimCal disturbed by Medallion Financial’s second quarter results.

08/10/24 - S&P publishes article on ZimCal’s nomination of two directors to the board of MFIN (May 3, 2024).

07/29/24 - ZimCal updates “5 Steps to Improvement” white paper detailing how Medallion Financial Corp. can position itself to thrive.

06/11/24 - ZimCal publishes MFIN earnings calls transcripts from 1Q22 - 4Q23 exposing MFIN’s false claim to ISS about providing guidance on charge-off range.

06/10/24 - ZimCal publishes open letter to shareholders outlining concerns with ISS and Glass Lewis recommendations.

06/10/24 - ZimCal publishes summary outlining the need for immediate change to the Board of Directors of Medallion and urges all stockholders to vote prior to June 11th, 2024 stockholder meeting.

05/28/24 - ZimCal sends letter to stockholders outlining how Medallion’s true valuation potential will be difficult to reach without change.

05/24/24 - ZimCal publishes rebuttal to MFIN’s investor deck and posts complete emails to/from MFIN allowing investors to see for themselves the extent of MFIN’s half-truths and lies.

05/22/24 - SEC lawsuit against Andrew Murstein and Medallion Financial Corp.

05/21/24 - ZimCal sends shareholder letter highlighting its concerns with MFIN’s excessive management compensation.

05/20/24 - ZimCal publishes its presentation to ISS outlining case for change and unlocking value at Medallion Financial Corp.

05/15/2024 - ZimCal issues cease and desist letter to Medallion Financial Corp. and demands correction of recent false and misleading statements.

05/09/24 - ZimCal posts “5 Steps to Improvement” white paper detailing how Medallion Financial Corp. can position itself to thrive.

05/02/24 - Press Release: ZimCal comments on Medallion Financial Corp. 1Q24 earnings results.

04/26/24 - ZimCal sends shareholder letter highlighting its concerns with MFIN’s stock price decline, management compensation, core business performance and other material risks.

04/26/24 - ZimCal files Definitive Proxy Statement seeking election of two highly qualified alternative directors to the board of Medallion Financial Corp.

04/12/24 - Press Release: ZimCal Announces Nomination of 2 Independent Directors and Preliminary Proxy Filing.

04/10/24 - ZimCal files SEC Preliminary Proxy Statement seeking election of two highly qualified alternative directors.

Contact us to get updates or for assistance.

Thank you!