Medallion Financial Corp. Announces Shareholders Overwhelmingly Approve Proposal to de-BDC
March 08 2018 - 08:30AM
Business Wire
Medallion Financial Corp. (Nasdaq:MFIN, “Medallion Financial” or
the “Company”) announced that at its Special Meeting yesterday,
shareholders overwhelmingly approved the proposal authorizing the
Company’s Board of Directors to withdraw the Company’s election to
be regulated as a business development company under the Investment
Company Act of 1940 (“de-BDC”). Following the Special Meeting, the
Board of Directors approved the filing of the Company’s withdrawal
form with the SEC to be made on or about April 1, 2018.
“We want to thank our shareholders for their tremendous
support,” stated Andrew Murstein, President of Medallion Financial.
“Of the votes cast at the special meeting, approximately 95% were
in favor of the proposal to de-BDC. We believe the consolidation of
all of our non-investment company subsidiaries, including Medallion
Bank, will provide a financial presentation that is more
transparent and straightforward to the Company’s shareholders. Most
importantly, we believe that the Company will be able to better
harness Medallion Bank’s long-term earnings power by gaining the
ability to invest additional capital to grow the Bank’s portfolio
and operations. We also anticipate becoming eligible to be included
as a component of certain stock market indexes. We expect to
provide further updates on the new structure of the Company in the
weeks and months ahead.”
About Medallion Financial Corp.
Medallion Financial Corp. is a specialty finance company that
originates and services loans in various industries, and its
wholly-owned portfolio company, Medallion Bank, also originates and
services consumer loans. The Company and its subsidiaries have lent
approximately $7 billion to small businesses.
Please note that this press release contains forward-looking
statements that involve risks and uncertainties relating to
business performance, cash flow, costs, sales, net investment
income, earnings, and growth. Medallion Financial’s actual results
may differ significantly from the results discussed in such
forward-looking statements. Factors that might cause such a
difference include, but are not limited to, those factors discussed
under the heading “Risk Factors,” in Medallion Financial’s 2016
Annual Report on Form 10-K.
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