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As one of the largest shareholders in BARK, Inc.(NYSE: BARK), I write to you today with an unwavering commitment to the long-term success of our company and a profound sense of urgency regarding the strategic path forward. As strong believers in the transformative power of your brand to revolutionize the dog care industry, we believe the company is at a crucial point in time to make bold decisions and take strong actions to maximize shareholder value.
First and foremost, the board should immediately authorize and execute a minimum $25 million share buyback program. With the stock languishing in negative equity territory, repurchasing shares at these depressed prices would be an act of profound stewardship, accretive to every remaining shareholder and a direct rebuke to the market's irrational disregard for BARK's intrinsic value. The deep value embedded in this equity is irrefutable: by repurchasing shares, you are acquiring a high-quality, data-rich business at a discount that defies logic. Do not let another trading day pass without deploying capital to use this massive dislocation to the advantage of long-term shareholders. Act now to affirm your commitment to shareholder value and ignite the re-rating this company deserves. This can be done through a traditional share buyback program or through a tender offering to buy back shares. We will not tender to sell a single share.
Second, secure and deploy inventory financing against the $98 million in paid-for inventory to liberate this trapped capital. It is needless to tie up such a large sum in non-earning assets when it could fuel aggressive growth initiatives, marketing firepower and further innovation. BARK's balance sheet is a war chest begging for optimization: borrow against this inventory immediately, at favorable terms, and redirect the freed-up liquidity to high-ROI opportunities that will accelerate revenue and margins. This is low-hanging fruit that demands immediate execution, and the opportunity cost of inaction is eroding value every day. Move on this with the speed and resolve it requires—your shareholders are counting on it.
Posted In: BARK
