The PennZone

MIAMI - PennZone -- Diveroli Investment Group ("DIG") today announced that it has filed a Schedule 13D with the U.S. Securities and Exchange Commission disclosing a significant ownership position in PetMed Express, Inc. ("PetMed" or the "Company").

DIG believes PetMed's current share price is materially disconnected from the Company's intrinsic value. With multiple acquisition proposals on the table, significant hard assets on the balance sheet, no long-term debt, and a nationally recognized brand operating in a multi-billion dollar U.S. pet industry, DIG is calling on PetMed's Board of Directors to act decisively in the best interests of all shareholders.

In late 2025, PetMed received multiple unsolicited, all-cash acquisition proposals at prices well above the current trading level, including a $4.25 per share proposal from Cardone Ventures and a $4.00 per share proposal from SilverCape Investments, underscoring the strategic value of the Company's platform, brand, and customer base.

"With multiple cash proposals, it's clearly an attractive target for acquirers," said DIG Chief Investment Officer Aharon Diveroli. "When private capital is willing to pay 40% premiums, it's incumbent on management to explain why shareholders should wait."

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PetMed's 184,000+ square foot headquarters and fulfillment center in Delray Beach, Florida - acquired in 2016 for $18.5 million - is a significant asset. South Florida industrial real estate has appreciated significantly since then. At roughly $2.90-$3.00 per share, investors are assigning minimal value to PetMed's assets, customer base, and licensed pharmacy platform - a clear case of market undervaluation during a transition period.

"Pet ownership and associated spending has shown durable growth across economic cycles" added DIG Chief Operating Officer Jonathan Berney. "U.S. expenditures grew annually at roughly 7-8% the past decade and are projected to surpass $150 billion in the next few years. Pet moms and dads continue to drive recurring demand."

Investor & Media Relations
Avigail Diveroli, Communications Director
Diveroli Investment Group
Email: avigail@investdig.com
Website: www.investdig.com

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The views expressed in this press release reflect the personal opinions of the authors or speakers and are based solely on publicly available information believed to be reliable at the time of publication. This communication is not a recommendation to buy, sell or exchange any securities, and it does not constitute an offer to sell or buy or the solicitation of an offer to buy or sell any securities. Information about PetMed Express is available at the SEC's website at www.sec.gov. We are not broker-dealers or registered investment advisors. Although we possess PETS shares, we may buy or sell shares at any time without notice.

Any statements about valuation, performance, or outlook are personal opinions and should not be construed as facts. Always conduct your own due diligence and consult a licensed financial advisor before making investment decisions. Compensation may have been provided to third parties involved in the creation or promotion of this content. All material is for informational and educational purposes only.