Unaccountable Board Led by Chair & Interim CEO Leslie C.G. Campbell Continues to Preside Over Stunning Destruction of Stockholder Value Board’s Failure to Properly Consider Strategic Alternatives Amid Ongoing Erosion of Value Could Leave Stockholders with Nothing SilverCape Calls on Directors to Act as Independent Fiduciaries and Engage in Good Faith with its Proposal or Run a Bona Fide Process to Sell the Company SINGAPORE, June 29, 2026 (GLOBE NEWSWIRE) -- SilverCape Investments Limited (“SilverCape”), a Singapore-based single family-office, today released an open letter to the board of directors (the “Board”) of PetMed Express, Inc. (“PetMed” or the “Company”) (Nasdaq: PETS) 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 “Proposal”). The proposed purchase price represents a premium of approximately 70% to PetMed’s closing share price of $1.76 on June 26, 2026. 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. ” The full text of SilverCape’s letter to the Board in respect of its Proposal is below: June 29, 2026 PetMed Express, Inc. 420 South Congress Avenue Delray Beach, FL 33445 Attention: Leslie C.G. Campbell, Chair and Interim CEO; Justin Mennen, Lead Independent Director; James LaCamp, Director; Leah A. Solivan, Director; and Peter Batushansky, Director. Dear Members of the Board of Directors (the “Board”): As you know, SilverCape Investments Limited (“we”, “us”, “our” and “ SilverCape ”) is a significant stockholder of PetMed Express, Inc. (“PetMed” or the “Company”), owning approximately 12% of the Company’s outstanding common stock. We are deeply aligned with our fellow stockholders, many of whom likely share our alarm at the stunning destruction of value that PetMed stockholders have suffered over the past 1, 3, and 5-year periods. On July 2, 2021, PetMed's shares traded at $32.30; and closed on June 26, 2026 at $1.76 – representing a massive destruction of stockholder value. PetMed’s poor business and financial performance, rapid management turnover, and its lack of strategic direction over the last several quarters made it increasingly clear to us that PetMed was no longer viable as a public company. SilverCape advanced a solution that it believed would restore liquidity and immediate value to stockholders and offer an opportunity to rebuild the Company away from the glare of the public markets. On December 11, 2025, we advanced a good-faith proposal to acquire the Company for $4.00 per share in cash with no financing contingency, representing a substantial premium over the current stock price. Without any assurance that the Board would meaningfully engage on our proposal or even run a bona fide M&A process to sell the Company to another buyer, the Board demanded that SilverCape enter a year-long standstill. To enable engagement with the Company, SilverCape offered to enter into a six-month standstill, which would have allowed the Company to engage in discussions with SilverCape, while also running an organized sale process. This was rejected by the Company without any discussion on how the actual process would proceed. We were surprised then to read in the Company’s Fourth Quarter 2026 and Fiscal Year 2026 Earnings Report that the Company claimed to have “ carefully evaluated ” two proposals to acquire PetMed, at prices ranging from $4.00 and $4.25 per share, and that instructed its financial advisors to solicit interest from strategic and financial sponsors. Ultimately, asserting that “… after careful deliberation and consideration of the alternatives reas