PASADENA, Calif.--(BUSINESS WIRE)--Mar. 14, 2016--
Green Dot Corporation (NYSE:GDOT) (the “Company”) today issued the
following statement regarding Harvest Capital Strategies LLC’s (“Harvest
Capital”) nomination of three candidates for election to Green Dot’s
Board of Directors at the Company’s 2016 Annual Meeting of Stockholders.
“Green Dot respects and values input from all shareholders. To that end,
the Nominating and Corporate Governance Committee of Green Dot’s Board
of Directors will carefully review Harvest Capital’s proposed candidates
in due course, and make a recommendation it believes is in the best
interests of all shareholders.
“Green Dot has engaged extensively with Harvest Capital representatives
in an attempt to satisfy their concerns in a cooperative manner that
benefits all shareholders. To that end, Green Dot recently offered
Harvest Capital the opportunity to appoint one director to the Green Dot
Board immediately and previously invited Harvest Capital and other top
shareholders to propose candidates to serve as additional Directors,
giving Harvest Capital the opportunity to work cooperatively with Green
Dot to appoint appropriate directors to Green Dot's Board. Moreover,
Green Dot Chairman and CEO Steve Streit offered to take no additional
equity compensation for the next two years and to work with the
Compensation Committee to further align his compensation to the
Company’s stated performance objectives.
“We are disappointed that Harvest Capital has shown no signs of
compromise and dismissed these proposals in favor of a disruptive and
potentially value-destroying public campaign at the very time the
Company believes investors are beginning to benefit from the realization
of Green Dot's long-term strategic plan.
“Without regard to any distraction, Green Dot’s Board and management
team continue to execute our six-step plan to achieve $1.75 in Non-GAAP
EPS in 2017. We believe our Company's performance will ultimately be
Green Dot’s most powerful and effective response to Harvest Capital's
campaign.”
About Green Dot
Green Dot Corporation, along with its wholly owned subsidiary bank,
Green Dot Bank, is a pro-consumer financial technology innovator with a
mission to provide a full range of affordable and accessible financial
services to the masses. Green Dot invented the prepaid debit card
industry and is the largest provider of reloadable prepaid debit cards
and cash reload processing services in the United States. Green Dot is
also a leader in mobile technology and mobile banking with its
award-winning GoBank mobile checking account. Through its wholly owned
subsidiary, TPG, Green Dot is additionally the largest processor of tax
refund disbursements in the U.S. Green Dot's products and services are
available to consumers through a large-scale "branchless bank"
distribution network of approximately 100,000 U.S. locations, including
retailers, neighborhood financial service center locations, and tax
preparation offices, as well as online, in the leading app stores and
through leading online tax preparation providers. Green Dot Corporation
is headquartered in Pasadena, Calif., with additional facilities
throughout the United States and in Shanghai, China.
Forward-Looking Statements
This press release may be deemed to contain forward-looking statements,
which are subject to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Actual results may differ
materially from those contained in the forward-looking statements
contained in this press release. The potential risks and uncertainties
that could cause actual results to differ from those projected include,
among other things, the timing and impact of revenue growth activities,
the Company's dependence on revenues derived from Walmart and three
other retail distributors, impact of competition, the Company's reliance
on retail distributors for the promotion of its products and services,
demand for the Company's new and existing products and services,
continued and improving returns from the Company's investments in new
growth initiatives, potential difficulties in integrating operations of
acquired entities and acquired technologies, the Company's ability to
operate in a highly regulated environment, changes to existing laws or
regulations affecting the Company's operating methods or economics, the
Company's reliance on third-party vendors, changes in credit card
association or other network rules or standards, changes in card
association and debit network fees or products or interchange rates,
instances of fraud developments in the prepaid financial services
industry that impact prepaid debit card usage generally, business
interruption or systems failure, and the Company's involvement
litigation or investigations. These and other risks are discussed in
greater detail in the Company's Securities and Exchange Commission
filings, including its most recent annual report on Form 10-K and
quarterly report on Form 10-Q, which are available on the Company's
investor relations website at ir.greendot.com and on the SEC website at www.sec.gov.
All information provided in this press release is as of March 14, 2016,
and the Company assumes no obligation to update this information as a
result of future events or developments.
Important Additional Information
The Company intends to file a proxy statement with the Securities and
Exchange Commission (the “SEC”) in connection with the solicitation of
proxies for the 2016 Annual Meeting of Stockholders (the “Proxy
Statement”). The Company, its directors and certain of its executive
officers will be participants in the solicitation of proxies from
stockholders in respect of the 2016 Annual Meeting of Stockholders.
Information regarding the names of the Company’s directors and executive
officers and their respective interests in the Company by security
holdings or otherwise is set forth in the Company’s proxy statement for
the 2015 Annual Meeting of the Stockholders, filed with the SEC on April
30, 2015. To the extent holdings of such participants in the Company’s
securities have changed since the amounts described in the 2015 proxy
statement, such changes have been reflected on Initial Statements of
Beneficial Ownership on Form 3 or Statements of Change in Ownership on
Form 4 filed with the SEC. Details concerning the nominees of the
Company’s Board of Directors for election at the 2016 Annual Meeting of
Stockholders will be included in the Proxy Statement. BEFORE MAKING ANY
VOTING DECISION, INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO
READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC,
INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS
THERETO BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and
stockholders will be able to obtain a copy of the definitive proxy
statement and other documents filed by the Company free of charge from
the SEC’s website, www.sec.gov.
Green Dot stockholders will also be able to obtain, without charge, a
copy of the definitive Proxy Statement and other relevant filed
documents by directing a request by mail to Green Dot Corporation, 3465
East Foothill Blvd., Pasadena, California 91107, Attn: Investor
Relations, or from the Company’s website, www.greendot.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160314006335/en/
Source: Green Dot Corporation
Green Dot Corporation
Investor Relations, 626-765-2427
ir@greendot.com
or
Media
Relations
Brian Ruby, 203-682-8268
brian.ruby@icrinc.com
or
John
Christiansen/Meghan Gavigan, 415-618-8750
jchristiansen@sardverb.com
/ mgavigan@sardverb.com
