Welcome to our dedicated page for Open Lending Corporation news (Ticker: LPRO), a resource for investors and traders seeking the latest updates and insights on Open Lending Corporation stock.
Open Lending Corporation Common Stock (NASDAQ: LPRO) is a prominent player in the financial technology sector, providing automated lending services to financial institutions across the United States. Founded in 2000 and headquartered in Austin, Texas, Open Lending specializes in loan analytics, risk-based pricing, risk modeling, and automated decision technology, primarily for automotive lenders.
The company's flagship product, the Lenders Protection Program (LPP), is a unique auto lending solution that empowers lenders to increase volumes and yields on near-prime and non-prime auto loans without adding risk to their loan portfolios. By combining sophisticated risk-based pricing models tailored to each lender's financial targets and reliable loan default insurance from AmTrust Financial Services, LPP offers a powerful and secure way to boost loan performance.
Open Lending has received significant recognition for its rapid growth and positive work environment. It has been listed among Austin's Fast 50 growing companies for the past four years and has been named one of Austin's Best Places to Work for the last two years.
Recent achievements for Open Lending include expanding partnerships with various financial institutions and enhancing their technology to provide even more precise risk assessments and improved loan outcomes. These efforts have solidified Open Lending's reputation as a leader in the fintech space, helping lenders reduce losses and improve profitability through innovative solutions.
Financially, Open Lending has demonstrated strong performance, reflecting its robust business model and commitment to innovation. The company's financial health is bolstered by its strategic partnerships, cutting-edge technology, and dedicated workforce.
For investors and stakeholders looking to stay informed about the latest developments, Open Lending's commitment to transparency and regular updates ensures that they are well-informed about the company's performance and strategic direction.
AUSTIN, Texas, January 4, 2021 – Open Lending Corporation (NASDAQ: LPRO) has announced its participation in a fireside chat at the Goldman Sachs Technology and Internet Conference on January 12, 2021, at 12:10 PM ET. Interested parties can access the live discussion through the Company’s investor relations website under the “Events” section. Open Lending specializes in lending enablement and risk analytics solutions, primarily through its flagship product, Lenders Protection, which helps financial institutions manage profitable auto loan portfolios. For more information, visit www.OpenLending.com.
Open Lending (NASDAQ: LPRO) has partnered with Interra Credit Union to enhance auto loan offerings through the Lenders Protection™ program. This collaboration aims to meet the needs of more members by leveraging Open Lending's advanced risk-based pricing and loan analytics. Interra, a $1.3 billion credit union in Indiana, seeks to strengthen its reputation and profitability by serving near and non-prime auto loan customers. This partnership aligns with Open Lending's mission of empowering financial institutions, positioning LPRO for potential growth in the auto lending sector.
Open Lending (NASDAQ: LPRO) has partnered with Members 1st Federal Credit Union to implement its Lenders Protection™ program, enhancing auto loan offerings for members. Members 1st, a $5.3 billion institution in Pennsylvania, aims to better serve nearly 500,000 members through this partnership. The Lenders Protection™ platform uses advanced analytics for risk assessment, allowing lenders to provide competitively priced loans while managing portfolio risks effectively. This collaboration promises to empower Members 1st in delivering financial solutions tailored to their members' needs.
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.
FAQ
What is the current stock price of Open Lending Corporation (LPRO)?
What is the market cap of Open Lending Corporation (LPRO)?
What does Open Lending Corporation do?
What is the Lenders Protection Program (LPP)?
Where is Open Lending Corporation headquartered?
When was Open Lending Corporation founded?
What recognition has Open Lending received?
Who provides the loan default insurance for LPP?
What recent achievements has Open Lending accomplished?
How does Open Lending's financial condition look?
How can I stay updated about Open Lending's latest news?
Why should investors consider Open Lending Corporation?
