ZimCal Publishes Emails to/from Medallion that Expose Medallion’s Repeated Inaccuracies

Between December 2023 and March 2024, Stephen Hodges corresponded with representatives of Medallion Financial Corp., principally its then-President Andrew Murstein, regarding ZimCal’s investment and its concerns about the company’s governance, leadership and strategy. ZimCal published eight documents from the correspondence on May 24, 2024, during its campaign to elect two directors it had nominated to Medallion’s board. ZimCal published them to support its assertion that the characterizations Medallion made of the parties’ discussions in its proxy solicitation materials were false and misleading and violated Section 14(a) of the Securities Exchange Act. In its May 15, 2024 cease and desist letter, counsel to ZimCal asserted that every communication during this period confirms ZimCal preferred to remain invested in Medallion, and that Mr. Murstein and Medallion were the ones pushing ZimCal to sell its trust preferred securities. The eight documents are reproduced below in chronological order.