SilverCape Proposes to Acquire PetMed at $3.00 per Share

SilverCape Investments released an open letter to the board of directors of PetMed Express calling on the board to engage with SilverCape on a revised proposal to acquire all outstanding shares of common stock of PetMed for $3.00 per share in cash with no financing contingency. The proposed purchase price represents a premium of approximately 70% to PetMed's closing share price of $1.76 on June 26. In its letter to the Board, SilverCape outlines its belief that: "Based upon the dismal quarterly and fiscal year report of PetMed earlier this month, it is no longer viable as a public company and should seek a sale to an interested buyer before the remaining value of the Company is eroded and destroyed. The Board's refusal to engage meaningfully with SilverCape on its original proposal to acquire the Company for $4.00 per share in cash and then concluding a purported process to consider other sale interest without materializing a superior transaction, has left the Company in a precarious position. The ongoing deterioration of PetMed's business, a rapidly depleting cash balance, and a lack of effective leadership have eroded substantial additional value since SilverCape made its original proposal on December 11, 2025. The governance of the Company is broken, ineffective, with unaligned Board members who own little stock, and are not acting as independent fiduciaries for stockholders. SilverCape's $3.00 per share cash purchase price crystallizes the long-term value of PetMed's assets for stockholders - without the ongoing exposure to the risks faced by the business as admitted by the Company in its most recent 10-K filing, "...financial condition may currently and in the future raise substantial doubt as to our ability to continue as a going concern."