#USA #New York #BARK Inc #Shay Capital #Eric Ebert

Strategic Letter from Shay Capital to BARK, Inc. Board

On October 21, 2025, Shay Capital LLC reached out to the Board of Directors of BARK, Inc. to express both commitment and urgency regarding the company's future. As one of BARK's most significant shareholders, Shay Capital aims to unlock the company's true potential by calling for decisive actions that reflect the profound opportunities currently available in the pet care market.

The letter commends the BARK management team for maintaining a strong balance sheet amid challenging market conditions and building a positive brand presence among dog owners. Shay Capital's representative, Eric Ebert, recognizes that BARK's impressive adjusted EBITDA and brand loyalty indicate a stable foundation from which to pivot into aggressive growth. However, Ebert stresses that this is the moment for the board to take bold actions that will directly benefit shareholders.

Addressing Underlying Valuation Issues

A critical point made in the letter is the alarming undervaluation of BARK's stock. Despite boasting over $183 million in liquid assets and a strong inventory, the company's current market capitalization is around $137 million, effectively placing it in negative equity. This signals an extraordinary misalignment that Shay Capital believes needs immediate attention. Ebert argues that with the stock trading below its intrinsic value, a significant share buyback program is essential to restore market confidence and return value to shareholders.

Proposed Initiatives to Enhance Shareholder Value

Shay Capital advocates for three key initiatives:

1. $25 Million Share Buyback Program: Ebert requests the board to swiftly implement this program to repurchase shares while prices are low. He views this as both a stewardship responsibility and a strategic maneuver to enhance remaining shareholders’ value. Buying back shares at current depressed prices offers a unique opportunity to acquire a prospering business at a discount.

2. Optimize Inventory Financing: With $98 million in paid inventory, Ebert urges the board to explore financing options to leverage these assets. Tying up such a considerable amount of capital in non-earning assets hinders BARK's growth potential. By securing favorable financing against this inventory, the company can tap into necessary funds for marketing and innovative projects, ultimately driving growth and improving profitability.

3. Expand Product Categories and Innovations: Capitalizing on its unique market position, BARK is urged to broaden its product offerings, including wellness and health-oriented products like vitamins and DNA testing for dogs. With access to valuable data on over six million dogs, BARK can leverage these insights for personalized health solutions and new revenue streams, ensuring a robust presence in the evolving pet care ecosystem.

A Call for Urgency

Ebert insists that hesitation is not an option. He emphasizes that the company must act immediately to prevent value erosion. His letter serves not only as a call for action but also as a testament to Shay Capital's commitment to BARK's legacy and long-term success. Ebert's position as a major stakeholder underscores the importance of these initiatives for both personal and corporate prosperity.

Conclusion

The measures proposed by Shay Capital highlight a pivotal juncture in BARK, Inc.'s trajectory. The time for transforming potential into reality is now, and Ebert's passionate plea seeks to galvanize the board into action. As stakeholders await the board's response, the emphasis on decisive fiscal strategies and innovative growth could very well redefine BARK's standing in the competitive pet care industry for years to come.