NEW YORK, April 29, 2020 /PRNewswire/ -- OnDeck® (NYSE:
ONDK), the leader in online lending to small business, today
announced that leading independent proxy advisory firm Glass, Lewis
& Co. ("Glass Lewis") has joined Institutional Shareholder
Services ("ISS") in recommending OnDeck shareholders vote "FOR" the
Company's three director nominees – Noah
Breslow, Jane J. Thompson and
Ronald F. Verni – at its upcoming
Annual Meeting of Shareholders scheduled for May 7, 2020.
Daniel Henson, Lead Independent
Director of the Board commented, "We are pleased that Glass Lewis
and ISS share our belief that voting 'FOR' the three directors up
for election at this year's Annual Meeting is in the best interest
of the Company and our shareholders. As a Board and management
team, we are focused on enhancing shareholder value as we navigate
through these dynamic times and strongly urge all OnDeck
shareholders to protect the value of their
investment by voting FOR OnDeck's highly qualified director
nominees."
About OnDeck
OnDeck (NYSE: ONDK) is the proven
leader in transparent and responsible online lending to small
business. Founded in 2006, the company pioneered the use of
data analytics and digital technology to make real-time lending
decisions and deliver capital rapidly to small businesses
online. Today, OnDeck offers a wide range of term loans
and lines of credit customized for the needs of small business
owners. The company also offers bank clients a
comprehensive technology and services platform that facilitates
online lending to small business customers through ODX, a wholly
owned subsidiary. OnDeck has provided over $13 billion in loans to customers in 700
different industries across the United
States, Canada and
Australia. The company has an A+
rating with the Better Business Bureau and is rated 5 stars by
Trustpilot. For more information, visit www.ondeck.com.
Safe Harbor Statement
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and other legal authority.
Forward-looking statements can be identified by words such as
"will," "enables," "targets," "expects," "intends," "may,"
"allows," "plans," "continues," "believes," "anticipates,"
"estimates" or similar expressions. These include statements
regarding the impact of global economic, political, market, health
and social events or conditions, including the impact of the
COVID-19 outbreak, macro-economic and other external factors. They
are based only on our current beliefs, expectations and assumptions
regarding the future of our business, anticipated events and
trends, the economy and other future conditions. As such, they are
subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict and in many cases
outside our control. In particular, the consequences of the
COVID-19 outbreak to economic conditions and our industry in
general are changing rapidly and present material uncertainty with
respect to our financial position and operating results. Therefore,
you should not rely on any of these forward-looking statements. Our
expected results may not be achieved, and actual results may differ
materially from our expectations. Important factors that could
cause or contribute to such differences include risks relating to:
(1) our ability to maintain continuity and productivity in our
business operations given our transition to a remote workforce; (2)
changes in our loan originations volume, collections activities and
our customers' ability to repay amounts borrowed under our term
loan, line of credit or equipment finance products; (3) disruption
and volatility in the global capital markets which increases the
cost of capital and adversely impacts our access to capital from
committed facilities and lenders, and our ability to maintain
adequate liquidity; (4) recent and future changes to our
underwriting standards and other operating policies and procedures
and whether those changes work as intended; (5) the impact of the
COVID-19 outbreak on our business partners, vendors and other third
parties and their ability to perform under contractual or other
arrangements; (6) our ability to estimate future performance of our
businesses, particularly over the near- to medium-term due to
uncertainty surrounding COVID-19; (7) the ability of our customers
to perform, including in making timely payments, due to disruptions
in their supply chains; (8) changes in our growth strategies or
strategic initiatives, including our ability to pursue a bank
charter, introduce new products or features, expand our platform to
other lenders through ODX, expand into international markets and
engage in business development activities; (9) our ability and
willingness to make repurchases of our common stock under our
previously announced share repurchase program; (10) worsening
economic conditions that may result in decreased demand for our
loans or services and increase our customers' default rates; (11)
supply and demand driven changes in credit and increases in the
availability of capital for our competitors that negatively impacts
our loan pricing; (12) our ability to accurately assess
creditworthiness and forecast and reserve for loan losses given the
dynamic environment and our recent adoption of CECL; (13) the
effectiveness of our efforts to identify, manage and mitigate our
credit, market, liquidity, operational and other risks associated
with our business and strategic objectives; (14) our reputation and
possible adverse publicity about us or our industry, including
actions we have taken or may take in response to the COVID-19
outbreak; (15) changes in federal or state laws or regulations, or
judicial decisions, or other significant changes, including those
related to the COVID-19 outbreak; and other risks, including those
described in Part I - Item 1A. Risk Factors in our Annual Report on
From 10-K for the year ended December 31,
2019, and other documents that we file with the Securities
and Exchange Commission, or SEC, from time to time which are or
will be available on the SEC website at www.sec.gov.
Additional Information
In connection with the
solicitation of proxies for OnDeck's 2020 annual meeting of
shareholders, OnDeck has filed with the SEC a definitive proxy
statement and an accompanying proxy card. SHAREHOLDERS OF ONDECK
ARE STRONGLY URGED TO READ THE DEFINITIVE PROXY STATEMENT (AND ANY
AMENDMENTS AND SUPPLEMENTS THERETO), AND ACCOMPANYING PROXY CARD AS
THEY CONTAIN IMPORTANT INFORMATION. Shareholders may obtain the
proxy statement, any amendments or supplements to the proxy
statement and other documents as and when filed by OnDeck with the
SEC without charge from the SEC's website
at www.sec.gov or OnDeck's Investor Relations website
at investors.ondeck.com.
Participants in the Solicitation
OnDeck, its directors
and its executive officers may be deemed to be participants in the
solicitation of proxies of OnDeck's shareholders in connection with
the matters to be considered at its 2020 annual meeting of
shareholders. Information regarding the identity of potential
participants, and their direct or indirect interests, by security
holdings or otherwise, is set forth in the proxy statement and
other materials filed with the SEC. These documents can be obtained
free of charge from the sources indicated above.
OnDeck, the OnDeck logo, OnDeck Score, ODX and OnDeck
Marketplace are trademarks of On Deck Capital, Inc. or its
subsidiaries.
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SOURCE On Deck Capital, Inc.