Open Lending Corporation - LPRO STOCK NEWS

Open Lending Corporation (Nasdaq: LPRO) has announced the pricing of a secondary public offering of 9.5 million shares at $28.00 per share, up from 8 million. The offering is solely by existing stockholders, including Nebula Holdings and certain executives. Open Lending will not receive any proceeds. A 30-day underwriter option for an additional 1.425 million shares is also available. Following this, Open Lending will repurchase shares worth $37.5 million. The offering is expected to close on December 14, 2020, pending customary conditions.

Open Lending Corporation (LPRO) announced a secondary public offering of 8,000,000 shares of common stock, with underwriters being granted a 30-day option to purchase an additional 1,200,000 shares. Notably, Open Lending will not sell any shares nor receive proceeds. The company also entered a $37.5 million share repurchase agreement contingent on the offering's closure. Goldman Sachs, Deutsche Bank, and Morgan Stanley are the joint book-running managers. Investors should review the prospectus for detailed information.

Open Lending, a provider of auto loan analytics and risk-based pricing, has partnered with OE Federal Credit Union to implement its Lenders Protection™ program. This collaboration aims to expand auto lending options for OE Federal's members, primarily in the construction trades, addressing historical lending challenges. The Lenders Protection™ program utilizes advanced analytics to enable lenders to increase near and non-prime auto loan volumes while managing risk effectively. This partnership is expected to support OE Federal's mission to better serve its extensive union member base.

Austin-based Open Lending Corporation (NASDAQ: LPRO) will participate in the Stephens Virtual Investment Conference on November 17, 2020, at 11:00 AM ET. This event will feature a fireside chat discussing the company's lending enablement and risk analytics solutions. Open Lending's flagship product, Lenders Protection, provides loan analytics and risk-based pricing to financial institutions in the U.S., ensuring profitable auto loan portfolios. More information can be found on their investor relations website.

Open Lending (LPRO) reported strong Q3 2020 results, showing a 35% increase in revenue to $29.8 million and a 29% rise in Adjusted EBITDA to $19.7 million from the previous year. The number of certified loans facilitated reached 20,696, up from 19,087 in Q3 2019. However, the company posted a GAAP net loss of $(71.1) million, primarily due to a significant change in the estimated fair value of contingent consideration shares. The company reaffirms its 2020 guidance, expecting total revenue between $89 million and $108 million.

Open Lending Corporation (NASDAQ: LPRO) will host a conference call on November 10, 2020, at 5:00 PM ET to discuss its third quarter 2020 financial results. The call will feature key executives, including John Flynn, Ross Jessup, and Chuck Jehl, and will be available via a live webcast on the company's investor relations website. A press release detailing the financial results will be issued after market close on the same day. This event is crucial for investors monitoring LPRO's performance in the lending enablement sector.

Open Lending Corporation (Nasdaq: LPRO) announced that it will redeem all outstanding public warrants issued under the Warrant Agreement dated January 9, 2018. Holders of these warrants can exercise them until 5:00 p.m. NYC time on October 12, 2020, at an exercise price of $11.50 per share. Unexercised warrants after this date will become void, with holders receiving a redemption price of $0.01 per warrant. For inquiries, holders can contact Georgeson. The announcement emphasizes financial vigilance and investor engagement.

Open Lending Corporation (Nasdaq: LPRO) announced the redemption of all outstanding public warrants under the Warrant Agreement dated January 9, 2018. This decision comes after the company's common stock price met the necessary threshold of $18.00 for twenty trading days as of September 8, 2020. Holders can exercise their warrants until 5:00 p.m. New York City time on October 12, 2020, at an exercise price of $11.50 per share. Unexercised warrants will be void and redeemable at $0.01 each.

Open Lending Corporation (NASDAQ: LPRO) announced the appointment of Eric A. Feldstein to its Board of Directors, effective August 28, 2020. Feldstein will join the Audit Committee and the Risk Committee. With a robust background in the FinTech and captive auto finance sectors, he brings extensive financial expertise, having served as CFO at both New York Life Insurance and Health Care Service Corporation, along with executive roles at American Express and GMAC Financial Services. His addition is expected to enhance Open Lending's strategic growth initiatives.