<SEC-DOCUMENT>0000897069-24-000927.txt : 20240412
<SEC-HEADER>0000897069-24-000927.hdr.sgml : 20240412
<ACCEPTANCE-DATETIME>20240412171119
ACCESSION NUMBER:		0000897069-24-000927
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240412
DATE AS OF CHANGE:		20240412

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MEDALLION FINANCIAL CORP
		CENTRAL INDEX KEY:			0001000209
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				043291176
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37747
		FILM NUMBER:		24842310

	BUSINESS ADDRESS:	
		STREET 1:		437 MADISON AVE 38 TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2123282153

	MAIL ADDRESS:	
		STREET 1:		437 MADISON AVENUE
		STREET 2:		38TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ZimCal Asset Management, LLC
		CENTRAL INDEX KEY:			0002019189
		ORGANIZATION NAME:           	
		IRS NUMBER:				473171413
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		4737 COUNTY ROAD 101
		STREET 2:		#264
		CITY:			MINNETONKA
		STATE:			MN
		ZIP:			55345
		BUSINESS PHONE:		310-945-5369

	MAIL ADDRESS:	
		STREET 1:		4737 COUNTY ROAD 101
		STREET 2:		#264
		CITY:			MINNETONKA
		STATE:			MN
		ZIP:			55345
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>dfan14apressrelease.htm
<TEXT>
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    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">UNITED STATES<br>
      SECURITIES AND EXCHANGE COMMISSION<br>
      Washington, D.C. 20549</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">SCHEDULE 14A</div>
    <div style="text-align: center; margin-bottom: 12pt;">Proxy Statement Pursuant to Section 14(a) of<br>
      the Securities Exchange Act of 1934<br>
      (Amendment No.&#160;&#160; )</div>
    <table cellspacing="0" cellpadding="0" id="z5be1a5363e0c4ff78f4e3abc8d2e7f2e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="2">
            <div style="margin-right: 4.5pt;">Filed by the Registrant&#160; &#9744; </div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="2">
            <div style="margin-right: 4.5pt;">Filed by a Party other than the Registrant&#160; &#9746;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="2">
            <div style="margin-right: 4.5pt;">Check the appropriate box:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.51%; vertical-align: top;">&#9744; </td>
          <td style="width: 94.49%; vertical-align: top;">
            <div style="margin-right: 4.5pt;">Preliminary Proxy Statement</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.51%; vertical-align: top;">&#9744; </td>
          <td style="width: 94.49%; vertical-align: top;">
            <div style="margin-right: 4.5pt; font-weight: bold;">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.51%; vertical-align: top;">&#9744; </td>
          <td style="width: 94.49%; vertical-align: top;">
            <div style="margin-right: 4.5pt;">Definitive Proxy Statement</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.51%; vertical-align: top;">&#9744; </td>
          <td style="width: 94.49%; vertical-align: top;">
            <div style="margin-right: 4.5pt;">Definitive Additional Materials</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.51%; vertical-align: top;">&#9746; </td>
          <td style="width: 94.49%; vertical-align: top;">
            <div style="margin-right: 4.5pt;">Soliciting Material Pursuant to &#167;240.14a-12</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.51%; vertical-align: top;">&#160;</td>
          <td style="width: 94.49%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; margin-right: 4.5pt; font-weight: bold;">MEDALLION FINANCIAL CORP.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="2">
            <div style="text-align: center; margin-right: 4.5pt;">(Name of Registrant as Specified In Its Charter)</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; margin-right: 4.5pt;">ZimCal Asset Management, LLC</div>
            <div style="text-align: center; margin-right: 4.5pt;">BIMIZCI Fund, LLC</div>
            <div style="text-align: center; margin-right: 4.5pt;">Warnke Investments LLC</div>
            <div style="text-align: center; margin-right: 4.5pt;">Stephen Hodges</div>
            <div style="text-align: center; margin-right: 4.5pt;">Judd Deppisch</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="2">
            <div style="text-align: center; margin-right: 4.5pt;">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zeca7024ddda5402a98e19d922dac8d0f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="5">
            <div style="text-align: center; margin-right: 4.3pt;">-with copies to-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.82%; vertical-align: top;" colspan="3">&#160;</td>
          <td style="width: 34.5%; vertical-align: top;">
            <div style="text-align: center; margin-right: 4.5pt;">Peter D. Fetzer<br>
              Foley &amp; Lardner LLP<br>
              777 East Wisconsin Avenue</div>
            <div style="text-align: center; margin-right: 4.5pt;">Suite 3800<br>
              Milwaukee, WI&#160;&#160;53202-5306</div>
            <div style="text-align: center; margin-right: 4.5pt;">(414) 297-5596</div>
            <div>&#160;</div>
          </td>
          <td style="width: 32.69%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="5">
            <div style="margin-right: 4.5pt;">Payment of Filing Fee (Check the appropriate box):</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.52%; vertical-align: top;">
            <div style="margin-right: 4.5pt;">&#9746; </div>
          </td>
          <td style="width: 94.48%; vertical-align: top;" colspan="4">
            <div style="margin-right: 4.5pt;">No fee required.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.52%; vertical-align: top;">
            <div style="margin-right: 4.5pt;">&#9744; </div>
          </td>
          <td style="width: 94.48%; vertical-align: top;" colspan="4">
            <div style="margin-right: 4.5pt;">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and&#160;0-11.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.52%; vertical-align: top;">&#160;</td>
          <td style="width: 5.37%; vertical-align: top;">
            <div style="margin-right: 4.5pt;">(1)</div>
          </td>
          <td style="width: 89.12%; vertical-align: top;" colspan="3">
            <div style="margin-right: 4.5pt;">Title of each class of securities to which transaction applies:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.52%; vertical-align: top;">&#160;</td>
          <td style="width: 5.37%; vertical-align: top;">
            <div style="margin-right: 4.5pt;">(2)</div>
          </td>
          <td style="width: 89.12%; vertical-align: top;" colspan="3">
            <div style="margin-right: 4.5pt;">Aggregate number of securities to which transaction applies:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.52%; vertical-align: top;">&#160;</td>
          <td style="width: 5.37%; vertical-align: top;">
            <div style="margin-right: 4.5pt;">(3)</div>
          </td>
          <td style="width: 89.12%; vertical-align: top;" colspan="3">
            <div style="margin-right: 4.5pt;">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.52%; vertical-align: top;">&#160;</td>
          <td style="width: 5.37%; vertical-align: top;">
            <div style="margin-right: 4.5pt;">(4)</div>
          </td>
          <td style="width: 89.12%; vertical-align: top;" colspan="3">
            <div style="margin-right: 4.5pt;">Proposed maximum aggregate value of transaction:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.52%; vertical-align: top;">&#160;</td>
          <td style="width: 5.37%; vertical-align: top;">
            <div style="margin-right: 4.5pt;">(5)</div>
          </td>
          <td style="width: 89.12%; vertical-align: top;" colspan="3">
            <div style="margin-right: 4.5pt;">Total fee paid:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.52%; vertical-align: top;">&#160;</td>
          <td style="width: 5.37%; vertical-align: top;">&#160;</td>
          <td style="width: 89.12%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5.52%; vertical-align: top;">
            <div style="margin-right: 4.5pt;">&#9744; </div>
          </td>
          <td style="width: 94.48%; vertical-align: top;" colspan="4">
            <div style="margin-right: 4.5pt;">Fee paid previously with preliminary materials.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.52%; vertical-align: top;">
            <div style="margin-right: 4.5pt;">&#9744; </div>
          </td>
          <td style="width: 94.48%; vertical-align: top;" colspan="4">
            <div style="margin-right: 4.5pt;">Check box if any part of the fee is offset as provided by Exchange Act Rule&#160;0-11(a)(2) and identify the filing for which the offsetting fee was paid previously.&#160; Identify the previous filing by registration
              statement number, or the Form or Schedule and the date of its filing.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.52%; vertical-align: top;">&#160;</td>
          <td style="width: 5.37%; vertical-align: top;">
            <div style="margin-right: 4.5pt;">(1)</div>
          </td>
          <td style="width: 89.12%; vertical-align: top;" colspan="3">
            <div style="margin-right: 4.5pt;">Amount Previously Paid:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.52%; vertical-align: top;">&#160;</td>
          <td style="width: 5.37%; vertical-align: top;">
            <div style="margin-right: 4.5pt;">(2)</div>
          </td>
          <td style="width: 89.12%; vertical-align: top;" colspan="3">
            <div style="margin-right: 4.5pt;">Form, Schedule or Registration Statement No.:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.52%; vertical-align: top;">&#160;</td>
          <td style="width: 5.37%; vertical-align: top;">
            <div style="margin-right: 4.5pt;">(3)</div>
          </td>
          <td style="width: 89.12%; vertical-align: top;" colspan="3">
            <div style="margin-right: 4.5pt;">Filing Party:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.52%; vertical-align: top;">&#160;</td>
          <td style="width: 5.37%; vertical-align: top;">
            <div style="margin-right: 4.5pt;">(4)</div>
          </td>
          <td style="width: 89.12%; vertical-align: top;" colspan="3">
            <div style="margin-right: 4.5pt;">Date Filed:</div>
          </td>
        </tr>

    </table>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div style="text-align: center; font-weight: bold;">
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-weight: 400;">
        <div style="text-align: center; font-weight: bold;"><u>ZimCal Asset Management, LLC</u></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-bottom: 12pt;">On April 12, 2024, ZimCal Asset Management, LLC, Stephen Hodges, BIMIZCI Fund, LLC and Warnke Investments LLC (collectively, &#8220;<u>ZimCal</u>&#8221;) issued a press release announcing that ZimCal filed
          a preliminary proxy statement in connection with its campaign to elect its slate of nominees to the board of directors of Medallion Financial Corp.&#160; A copy of the press release is attached hereto as <u>Exhibit 1</u>.</div>
        <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;"><u>Important Information</u></div>
        <div style="text-align: justify; margin-bottom: 12pt;">The press release is not a solicitation of a proxy from any security holder of Medallion Financial Corp.&#160; Stephen Hodges, and his affiliates, ZimCal Asset Management, LLC, BIMIZCI Fund, LLC and
          Warnke Investments LLC (collectively, &#8220;<u>ZimCal</u>&#8221;), have nominated individuals as nominees to the Company&#8217;s board of directors and intend to solicit votes for the election of those individuals, Stephen Hodges and Judd Deppisch, as members of
          the Company&#8217;s board of directors (the &#8220;<u>Nominees</u>&#8221;).&#160; ZimCal will send a definitive proxy statement, proxy card and related proxy materials to shareholders of the Company seeking their support of the Nominees at the Company&#8217;s 2024 annual
          meeting of stockholders.&#160; <font style="font-weight: bold;">Stockholders are urged to read the definitive proxy statement and WHITE proxy card when they become available, because they will contain important information about the Nominees, the
            Company and related matters.</font>&#160; Shareholders may obtain a free copy of the definitive proxy statement and proxy card (when available) and other documents filed by ZimCal with the Securities and Exchange Commission (&#8220;<u>SEC</u>&#8221;) at the
          SEC&#8217;s web site at www.sec.gov.&#160; Shareholders may also direct a request to ZimCal&#8217;s proxy solicitor, Saratoga, 520 8th Avenue, 14th Floor, New York, NY 10018 (shareholders can e-mail at info@saratogaproxy.com or call toll-free at (888) 368-0379).</div>
        <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;"><u>Participants in Solicitation</u></div>
        <div style="text-align: justify; margin-bottom: 12pt;">The following persons are participants in the planned solicitation by ZimCal: ZimCal Asset Management, LLC, BIMIZCI Fund, LLC, Warnke Investments LLC, Judd Deppisch, and Stephen Hodges.&#160; The
          participants may have interests in the solicitation, including as a result of holding shares of the Company&#8217;s common stock. ZimCal filed a preliminary proxy statement under cover of Schedule 14A on April 10, 2024 (the &#8220;Preliminary Proxy
          Statement&#8221;). <font style="font-weight: bold;">Information regarding the participants and their interests is contained in the Preliminary Proxy Statement.</font></div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: right; margin-bottom: 8pt; font-family: Arial; font-weight: bold;">
        <div><u>Exhibit 1</u></div>
      </div>
      <div style="text-align: left; margin-bottom: 8pt; font-family: Arial; font-weight: bold;">Press Release:</div>
      <div style="text-align: left; margin-bottom: 8pt; font-family: Arial; font-weight: bold;"><font style="font-size: 16px;">ZimCal Asset Management, LLC and Its Affiliates Nominate Two Highly Qualified, Independent Candidates to the Board of Medallion
          Financial Corp.</font> </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 8pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf985a30949e84ca486f34e2a78b7bc0f">

            <tr>
              <td style="width: 36pt; vertical-align: top; text-align: right; font-family: Arial;">
                <div style="text-align: left; margin-left: 18pt; margin-bottom: 8pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top; font-family: Arial;">
                <div style="margin-bottom: 8pt;">Medallion Financial Corp. stock price is down 40% over the last 10 years.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 8pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z485d3afb999b4624a0014414591811d3">

            <tr>
              <td style="width: 36pt; vertical-align: top; text-align: right; font-family: Arial;">
                <div style="text-align: left; margin-left: 18pt; margin-bottom: 8pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top; font-family: Arial;">
                <div style="margin-bottom: 8pt;">ZimCal seeks changes in leadership and governance and believes the current Board lacks independence and has rewarded management at the expense of stockholders.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 8pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze950a7932b1e4ada9bdd7f0730e47e1c">

            <tr>
              <td style="width: 36pt; vertical-align: top; text-align: right; font-family: Arial;">
                <div style="text-align: left; margin-left: 18pt; margin-bottom: 8pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top; font-family: Arial;">
                <div style="margin-bottom: 8pt;">ZimCal sees heightened near-term risk factors given Medallion&#8217;s material subprime exposure, worsening charge-offs and poor history of loss mitigation. </div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 8pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zadedb71ec164467e9df554526bc87392">

            <tr>
              <td style="width: 36pt; vertical-align: top; text-align: right; font-family: Arial;">
                <div style="text-align: left; margin-left: 18pt; margin-bottom: 8pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top; font-family: Arial;">
                <div style="margin-bottom: 8pt;">ZimCal sees tremendous growth and long-term profit potential for the Company with the right governance, management and business strategy in place.</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 8pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8d80ec9395ff46ee9e9852d6bbb684b8">

            <tr>
              <td style="width: 36pt; vertical-align: top; text-align: right; font-family: Arial;">
                <div style="text-align: left; margin-left: 18pt; margin-bottom: 8pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top; font-family: Arial;">
                <div style="margin-bottom: 8pt;">ZimCal launches campaign website www.restoretheshine.com.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: left; margin-bottom: 8pt; font-family: Arial; font-weight: normal;"> <br>
        April 12, 2024 03:28 PM Eastern Daylight time<br>
        <div><br>
        </div>
      </div>
      <div style="text-align: left; margin-bottom: 8pt; font-family: Arial; font-weight: normal;">MINNEAPOLIS--(BUSINESS WIRE)--ZimCal Asset Management, LLC, and its affiliates BIMIZCI Fund LLC, Warnke Investments LLC and Stephen Hodges (collectively
        &#8220;ZimCal&#8221;) one of the largest investors in Medallion Financial Corp. (the &#8220;Company&#8221; or &#8220;MFIN&#8221;) with over $15.5 million in debt and equity investment exposure, filed a preliminary proxy statement with the Securities and Exchange Commission (&#8220;SEC&#8221;) in
        connection with its nomination of two independent Board candidates for election to the Company&#8217;s Board of Directors (the &#8220;Board&#8221;) at the 2024 Annual Meeting of Stockholders.</div>
      <div style="text-align: left; margin-bottom: 8pt; font-family: Arial; font-weight: normal;">ZimCal&#8217;s nominees have a combined 40 years of financial experience in areas including banking, consumer lending, securitization, credit analysis and capital
        markets.&#160; Their experience directly overlaps with, and will enhance, the Company&#8217;s core business.&#160; The nominees bring a fresh perspective, are unafraid to challenge the status quo and will work tirelessly to help create shareholder value. </div>
      <div style="text-align: left; margin-bottom: 8pt; font-family: Arial; font-weight: normal;">ZimCal will issue ongoing press releases with updates and details on its plan to &#8220;Restore the Shine&#8221; to Medallion Financial Corp. All releases will also be at
        www.restoretheshine.com.&#160; </div>
      <div style="text-align: left; margin-bottom: 8pt; font-family: Arial; font-weight: normal;">Visit https://restoretheshine.com/home#Nominees to learn about our nominees.</div>
      <div style="text-align: left; margin-bottom: 8pt; font-family: Arial; font-weight: normal;">Visit www.restoretheshine.com to view important details and updates, and to sign-up.</div>
      <div style="text-align: left; margin-bottom: 8pt; font-family: Arial; font-weight: bold;">About ZimCal Asset Management, LLC</div>
      <div style="text-align: left; margin-bottom: 8pt; font-family: Arial; font-weight: normal;">ZimCal Asset Management is an alternative investment firm focused primarily on niche, illiquid and complex credit investment opportunities. <br>
      </div>
      <div style="text-align: left; margin-bottom: 8pt; font-family: Arial; font-weight: normal;">ZimCal Asset Management partners with both healthy and distressed borrowers or issuers and provides customized solutions that meet their unique needs and
        circumstances.&#160; Over the last 15 years, the founder of ZimCal Asset Management has developed a specialization investing in FDIC-insured institutions and has partnered with over 120 bank lenders through investments on both sides of the balance
        sheet.</div>
      <div style="text-align: left; margin-bottom: 8pt; font-family: Arial; font-weight: normal;">ZimCal usually works in collaboration with bank leadership teams if required, but on very rare occasions, must insert itself more forcefully if it believes
        that leadership is underwhelming and threatens to undermine stakeholder investments.&#160; ZimCal prides itself on performing extensive, rigorous financial analysis and research to fully understand the risks of any investment. </div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: Arial; font-weight: bold;"><u>Solicitation Information</u></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: Arial;"><font style="font-weight: normal;">This press release is not a solicitation of a proxy from any security holder of Medallion Financial Corp.</font>&#160; <font style="font-weight: bold;">Stockholders are urged to read the definitive proxy statement and WHITE proxy card when they become available, because they will contain important information about the ZimCal nominees and related matters.</font>&#160; <font style="font-weight: normal;">Shareholders may obtain a free copy of the definitive proxy statement and WHITE proxy card (when available) and other documents filed by ZimCal on the web site of the Securities and Exchange Commission (SEC) at
          www.sec.gov.&#160; Shareholders may also direct a request to ZimCal&#8217;s proxy solicitor, Saratoga, 520 8th Avenue, 14th Floor, New York, NY 10018 (shareholders can e-mail at info@saratogaproxy.com or call toll-free at (888) 368-0379).</font></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: Arial; font-weight: bold;"><u>Participants in Solicitation </u></div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: Arial; font-weight: normal;">The identity of the participants in the solicitation and a description of their direct or indirect interests, by security holdings or otherwise is
        contained in ZimCal&#8217;s preliminary proxy statement filed with the SEC on April 10, 2024.</div>
      <div style="text-align: justify; margin-bottom: 12pt; font-family: Arial; font-weight: normal;"> <font style="font-size: 11pt;">Contacts</font><br>
        <div style="font-family: 'Times New Roman',Times,serif; text-align: left;"><font style="font-family: Arial;">nicole@nh-consult.com</font><br>
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