Shay Capital Letter to the Board of Bark, Inc.

Core Insights - The letter emphasizes the urgent need for BARK, Inc. to take decisive actions to enhance shareholder value, given its current undervaluation in the market [1][2][8] Financial Position - BARK, Inc. has a strong balance sheet with $85 million in cash reserves and $98 million in fully paid inventory, totaling $183 million in liquid assets [2] - After accounting for debt and other prepaid expenses, the net equity value is approximately $150 million, significantly higher than the current market capitalization of $137 million, indicating the stock is trading at negative equity [2] Proposed Initiatives - A minimum $25 million share buyback program is recommended to take advantage of the stock's depressed prices, which would benefit remaining shareholders and affirm the company's intrinsic value [4] - The company should secure inventory financing against the $98 million in paid inventory to free up capital for growth initiatives and marketing, optimizing the balance sheet [5] - Strategic plans should be developed to expand product categories, including vitamins, supplements, and DNA testing kits for dogs, leveraging proprietary data on over 6 million dogs for personalized health recommendations and new revenue streams [6][7]