# EDGAR Filing Document

**Accession Number:** 0002059711
**File Stem:** 0001213900-26-072848
**Filing Date:** 2026-6
**Character Count:** 31690
**Document Hash:** 3a19ef4ef7b0c6ce5d498ab4adaeadbe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-072848.hdr.sgml**: 20260629

**ACCESSION NUMBER**: 0001213900-26-072848

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260629

**DATE AS OF CHANGE**: 20260629

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PETMED EXPRESS INC
- **CENTRAL INDEX KEY:** 0001040130
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-DRUG STORES AND PROPRIETARY STORES [5912]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 650680967
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-60249
- **FILM NUMBER:** 261131387

**BUSINESS ADDRESS:**
- **STREET 1:** 420 SOUTH CONGRESS AVENUE
- **CITY:** DELRAY BEACH
- **STATE:** FL
- **ZIP:** 33445
- **BUSINESS PHONE:** (561) 426-4444

**MAIL ADDRESS:**
- **STREET 1:** 420 SOUTH CONGRESS AVENUE
- **CITY:** DELRAY BEACH
- **STATE:** FL
- **ZIP:** 33445
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Silvercape Investments Ltd
- **CENTRAL INDEX KEY:** 0002059711

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** IN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 80 ROBINSON ROAD, #13-03
- **CITY:** SINGAPORE
- **STATE:** IN
- **ZIP:** 068898
- **BUSINESS PHONE:** 6597256448

**MAIL ADDRESS:**
- **STREET 1:** FOURTH FLOOR, ONE CAPITAL PLACE
- **STREET 2:** P.O. BOX 847
- **CITY:** GRAND CAYMAN
- **STATE:** CA
- **ZIP:** KY1-1103

## Exhibit 99.2

**Exhibit 99.2**

**SilverCape Releases Revised Proposal to Acquire PetMed Express for $3.00 per Share in Cash**

 

*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 – 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.

<u>In its letter to the Board, SilverCape outlines its belief that:</u>

● 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.* "

<u>The full text of SilverCape's letter to the Board in respect of its Proposal is below:</u>

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 "<u>SilverCape</u>") 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 reasonably available to the Company, the Board determined that it is in the best interests of the Company and its stockholders not to proceed with either of the publicly announced proposals*"<sup>1</sup>.

It is our understanding that while the Company's financial advisors engaged in some degree of outreach to potential buyers, the Company did not run a marketed process to sell the Company. In addition, <u>other than perfunctory contact with the Board's financial advisors, no meaningful engagement on our proposal occurred, nor did we receive any feedback on how we could potentially improve our proposal</u>. Accordingly, we believe that the Company's disclosure on June 2, 2026 is at best misleading. At worst, it speaks to a Board that would cavalierly reject two proposals that could have delivered substantial cash premiums to PetMed's long-suffering stockholders, without offering a credible alternative that could restore value for stockholders.

<sup>1</sup> https://www.sec.gov/Archives/edgar/data/1040130/000104013026000016/pets-2026331xex991.htm

**SilverCape's Revised Proposal**

Since we made our original proposal, PetMed's financial condition has continued to deteriorate, and the Board has failed to provide stockholders with a credible plan that could reverse the Company's decline. With yet another dismal quarterly and fiscal year report confirming the continued destruction of stockholder value, we call on the Board to engage with us on a revised proposal, on substantially the same terms as outlined in our December 11, 2025 letter, to acquire 100% of the outstanding equity interests of the Company, at a revised price of $3.00 in cash per share of the Company's Common Stock (the "Proposal").

While still at a significant premium to the market price of the stock, the revised purchase price reflects the Company's continued deterioration. We urge the Board to act before the remaining value of the Company is eroded and destroyed.

**Reasons the Board Should Engage with the SilverCape Proposal**

<u>SilverCape believes its Proposal represents a superior alternative for PetMed stockholders to the Company's current value destructive course for the following reasons:</u>

***Material Deterioration of the Business – PetMed is No Longer Viable as a Public Company***

● As a result of the Board and management team's poor leadership, PetMed's business is showing systemic signs of deterioration across key financial metrics.

● The Company's core prescription-medication revenue is shrinking, repeat-customer revenue is declining, new-customer acquisition is both smaller and more expensive, and gross margins are compressing.

● At the same time, general, administrative and remediation costs have risen enough to consume essentially all of PetMed's gross profit, pushing adjusted EBITDA and operating cash flow sharply negative.

● In the last fiscal year alone, PetMed's cash position declined from $54.7 million to $21.4 million<sup>2</sup>, with no end in sight.

● PetMed's latest 10-K filed on June 2, 2026, ominously warns stockholders that the Company's "… *financial condition may currently and in the future raise substantial doubt as to our ability to continue as a going concern."* 

● All of this points to a Company that should no longer be public, and the Board should engage on our Proposal which will recover some value to stockholders, before it is too late.

***A Lack of Effective Leadership and Institutional Chaos***

● PetMed has exhibited an alarming pattern of leadership instability and governance failures under long-tenured director and Board Chair Leslie C.G. Campbell.

● A revolving door C-suite, including the departure of two CEOs and CFOs in just two years, with the Board Chair, now occupying the role of interim CEO, with no guidance as to whether a new CEO with experience in the industry will ever be appointed, has also shattered credibility with investors.

● In assuming the role as Interim CEO, the Chair was awarded a $1.3 million base salary per-year, an outsized sum when compared against the Company's sub-$40 million market capitalization.

<sup>2</sup> https://www.sec.gov/ix?doc=/Archives/edgar/data/0001040130/000104013026000019/pets- 20260331.htm#i5612d35ddc704c22b6b8aabf807e450f_76

● PetMed has also exhibited an inability to meet its basic obligations as a public company and has been repeatedly cited by Nasdaq for failing to file its financial reports in a timely manner.

● The Board and management team appear to have no credible plan for stopping or reversing the massive value destruction underway – a sale is the best option available to the Company and to stockholders.

***PetMed's Broken Governance and Unaligned and Unaccountable Board***

● The Board and management team are not aligned or accountable to other stockholders.

● According to the Company's last proxy statement, members of the board and executive officers owned just 2% of PetMed's outstanding shares. A number that drops to below 1% when the shares of the Company's former CEO are excluded<sup>3</sup>.

● Board members are protected by substantially off-market by-law provisions that make it difficult for stockholders to nominate an alternative slate of director nominees, and the Company accelerated the timing of its 2026 annual meeting of stockholders to further frustrate the ability of stockholders to nominate alternative directors.

● Stockholders have almost no viable avenues to hold directors accountable, and it appears that the Board is unwilling to hold management accountable, contributing to the Company's deterioration.

● The Board has also weaponized its Stockholder Rights Plan ("SRP"), a tool intended to be adopted for a limited duration to give the Board time to consider its options. Instead, the SRP has been repeatedly renewed by the Board without seeking stockholder approval.

***All-Cash Purchase Price and Immediate Liquidity***

● The $3.00 all-cash purchase price represents an approximately 70% premium to the current price of the stock.

● The purchase price crystallizes the long-term value of PetMed's assets for stockholders – without the ongoing exposure to the risks faced by the business.

● PetMed's trading volume is anemic. Long-suffering stockholders will have an opportunity to access immediate liquidity when the transaction closes.

● SilverCape's Proposal is the only credible option in front of stockholders that can end the ongoing destruction of value and provide them with cash for their stock.

**Time is Running Out – The Board Can Still Do the Right Thing**

SilverCape calls on each member of the Board to carefully consider their duties to act as independent fiduciaries for stockholders. Continued intransigence in the face of a rapid deterioration of the business and in the absence of a credible alternative is simply irresponsible. Directors have an opportunity to do the right thing, protect their reputations as professional directors, and engage meaningfully on commercial terms with Silver Cape.

<sup>3</sup> https://www.sec.gov/ix?doc=/Archives/edgar/data/1040130/000104013025000099/pets- 20251210.htm#i68cd12dfba4c4cb9a83e14fceb3cff4a_49

To be clear, as a significant stockholder of the Company, SilverCape has advanced a solution that it believes is in the best interests of all stockholders. We also welcome other third-party alternatives that offer stockholders superior value and would be supportive of PetMed running a structured and independent process to consider those alternatives. However, the Board must act with alacrity to surface a solution before it is too late.

Very truly yours,

---

| |
|:---|
| /s/ Peter Kennedy |
| Peter Kennedy |
| Managing Director |

---

**About SilverCape Investments Limited**

SilverCape is a Singapore-based-single-family office with a long-term, patient approach.

**Media Contact**

Riyaz Lalani / Dan Gagnier

Gagnier Communications LLC

SilverCape@gagnierfc.com

**Forward-Looking Statements**

Certain statements in this press release constitute "forward-looking statements" under the U.S. Private Securities Litigation Reform Act of 1995, identifiable by terms such as, "may," "will," "anticipate," "believe," "expect," "estimate," "intend," "plan," "should," "could," "target," "goal," "potential," "opportunity," "continue" or similar expressions. These statements reflect SilverCape's current expectations on the matters discussed in this press release and are not guarantees of future results or performance and are based on SilverCape's current expectations, speak only as of the date of this press release and involve risks, uncertainties and other factors that may cause actual results, performances or achievements to be materially different from any future results, performances or achievements expressed or implied by this press release. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of SilverCape.

**No Offer or Solicitation**

Nothing in this press release shall be construed as constituting an offer to purchase, sell, or exchange, or a solicitation of an offer to purchase, sell, or exchange, any securities, or as soliciting any vote or proxy or in any other context, in any jurisdiction where such offer, solicitation, or sale would not be permitted under applicable law. Any offer of securities, to the extent one is made, will only be made in compliance with applicable registration requirements or an available exemption therefrom under the laws of the United States and any other applicable jurisdiction.

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 2)**

**PETMED EXPRESS INC**

*(Name of Issuer)*

**Common Stock, $.001 Par Value**

*(Title of Class of Securities)*

**—**

*(CUSIP Number)*

**Michael Penney**<br>Arnold & Porter Kaye Scholer LLP<br>250 W. 55th Street<br>New York NY 10019<br>(212) 836-8000

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**06/29/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**SilverCape Investments Limited** | Name of reporting person<br>**SilverCape Investments Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**2579696.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**2579696.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2579696.00** | Aggregate amount beneficially owned by each reporting person<br>**2579696.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**12.07%** | Percent of class represented by amount in Row (11)<br>**12.07%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** (1) The percent of class represented is based on 21,365,782 shares of Common Stock outstanding as of May 22, 2026, as last reported by the Issuer in its Annual Report on Form 10-K for the fiscal year ended March 31, 2026.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Peter Kennedy** | Name of reporting person<br>**Peter Kennedy** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2579696.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2579696.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2579696.00** | Aggregate amount beneficially owned by each reporting person<br>**2579696.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**12.07%** | Percent of class represented by amount in Row (11)<br>**12.07%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** (1) Peter Kennedy, the managing director of SilverCape Investments Limited ("SilverCape"), has voting and investment power with respect to the Common Stock held by SilverCape. Mr. Kennedy disclaims any beneficial ownership of the Common Stock beneficially owned by SilverCape.

(2) The percent of class represented is based on 21,365,782 shares of Common Stock outstanding as of May 22, 2026, as last reported by the Issuer in its Annual Report on Form 10-K for the fiscal year ended March 31, 2026.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, $.001 Par Value

**(b) Name of Issuer:**
PETMED EXPRESS INC

**(c) Address of Issuer's Principal Executive Offices:**
420 South Congress Avenue, Delray Beach, FL, 33445

Explanatory Note: This Amendment No. 2 to Schedule 13D ("Amendment No. 2") is being filed jointly by SilverCape Investments Limited ("SilverCape") and Peter Kennedy ("Kennedy" and together with SilverCape, collectively, the "Reporting Persons") to amend and supplement the Statement on Schedule 13D filed by the Reporting Persons with the Securities and Exchange Commission on May 20, 2025 (the "Original Statement"), as amended by Amendment No. 1 to Schedule 13D filed by the Reporting Person on December 11, 2025 ("Amendment No. 1" and the Original Statement as amended thereby, the "Prior Statement"). The Prior Statement as amended by this Amendment No. 2 is referred to as this "Schedule 13D". This Schedule 13D relates to the shares of common stock, par value $.001 per share (the "Common Stock"), of PetMed Express, Inc., a Florida corporation (the "Issuer"). Except as amended and supplemented by this Amendment No. 2, the Prior Statement remains in full force and effect.

**Item 4. Purpose of Transaction**

Item 4 of the Prior Statement is hereby amended and supplemented to add the following:

On June 29, 2026, SilverCape sent a (the "Letter") to the Issuer's Chief Executive Officer and board of directors providing a revised non-binding proposal (as revised, the "Proposal") to take the Issuer private by acquiring 100% of the Issuer's outstanding Common Stock at a price of $3.00 per share of Common Stock in cash (the "Potential Transaction"). The Letter was also publicly disclosed by press release (the "Press Release") on June 29, 2026. The Letter and Press Release also outline and summarize SilverCape's rationale for the Proposal as well as various reasons why SilverCape believes the Issuer's board of directors should engage with SilverCape on the Proposal and Potential Transaction.

The Proposal for the Potential Transaction was (and remains) non-binding and is subject in all respects to, among other things: (a) the Reporting Persons' further due diligence  and (b) the execution of a mutually acceptable definitive agreement with terms and conditions customary for transactions of the type contemplated by the Proposal (the "Definitive Agreement"), including, without limitation, that the Issuer and its board of directors take all actions necessary to render inapplicable the Issuer's shareholder rights plan or other similar antitakeover protections that are or could become applicable in connection with the transactions contemplated by the Letter and the Press Release, the Potential Transaction or the Definitive Agreement.

The foregoing description of the Letter and Press Release is not intended to be complete and is qualified in its entirety by reference to the full text of the Letter and the Press Release, which are filed as Exhibit 99.2 to this Amendment No. 2 and are incorporated herein by reference.

There can be no assurance that a Definitive Agreement with respect to the Potential Transaction will be executed or, if executed, whether the Potential Transaction will be consummated. No legally binding obligation with respect to the Proposal or the Potential Transaction will arise until such time, if ever, as a binding Definitive Agreement has been executed by the relevant parties. There is also no certainty as to whether, or when, the Issuer may respond to the Letter or the matters discussed in the Press Release, or as to the time table for execution of any Definitive Agreement. The Reporting Persons reserves the right to modify or withdraw the Proposal at any time and to cease discussions and negotiations at any time.

Neither the Letter, the Press Release nor this Schedule 13D is meant to be an offer to purchase or a solicitation of any offer to sell shares of the Issuer's Common Stock or other securities.

The Reporting Persons intend to engage in discussions with the Issuer regarding the Potential Transaction. The Reporting Persons may change the terms of the Proposal or the Potential Transaction, determine to accelerate or terminate discussions with the Issuer with respect to the Potential Transaction, withdraw the Proposal described in the Letter and Press Release or any other proposal with respect to the Potential Transaction, take any action to facilitate or increase the likelihood of consummation of the Potential Transaction, or change their intentions with respect to any such matters, in each case at any time and without prior notice. The Reporting Persons reserve the right to, directly or indirectly, take such additional steps as they may deem appropriate to further the Potential Transaction or otherwise to support their investment in the Issuer, including, without limitation: (a) engaging in discussions with other shareholders, advisors and other relevant parties; and (b) entering into confidentiality arrangements, and other agreements, arrangements and understandings in connection with the Potential Transaction.

The Potential Transaction may result in one or more of the actions specified in clauses (a) to (j) of Item 4 of Schedule 13D, including, without limitation, the acquisition of additional securities of the Issuer, a merger or other extraordinary transaction involving the Issuer, the delisting of the Common Stock from the Nasdaq and the Common Stock becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934, as amended.

The Reporting Persons intend to review their existing investment in the Issuer on a continuing basis. Depending on the Reporting Persons' evaluation of various factors, including, without limitation, the outcome of any discussions referenced above, the Company's financial position, results and strategic direction, actions taken by the Company's management and the Issuer's board of directors, price levels of the Common Stock and other investment opportunities available to the Reporting Persons, compliance with applicable laws, general market and economic conditions, ongoing evaluation of the Issuer's business, financial condition, operations and prospects, the relative attractiveness of alternative business and investment opportunities, the Reporting Persons' need for liquidity, and other future developments, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate, including, without limitation, acquiring shares of Common Stock and/or other equity or other securities of the Company or disposing of some or all of the securities beneficially owned by the Reporting Persons in public market or privately negotiated transactions, formulating other plans or proposals regarding the Issuer or its securities to the extent deemed advisable by the Reporting Persons, and/or otherwise changing their intention with respect to any and all matters referred to in Item 4 of this Schedule 13D.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) of the Prior Statement is hereby amended and restated in its entirety as follows.

As of the filing date of this Amendment No. 2, SilverCape is the holder of record of 2,579,696 shares of Common Stock, representing approximately 12.07% of the shares of Common Stock. The percentages used in this Amendment No. 2 are calculated based on 21,365,782 shares of Common Stock outstanding as of May 22, 2026, as last reported by the Issuer in its Annual Report on Form 10-K for the fiscal year ended March 31, 2026.

Kennedy, as the managing director of SilverCape, has voting and investment power with respect to the Common Stock held by SilverCape. Kennedy disclaims any beneficial ownership of the Common Stock beneficially owned by SilverCape.

**(b)**
Item 5(b) is not being amended by this Amendment No. 2.

**(c)**
Item 5(c) is not being amended by this Amendment No. 2.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 of the Prior Statement is hereby amended and restated as follows:

The information set forth in Item 4 of this Amendment No. 2 is incorporated herein by reference. On June 29, 2026, the Reporting Persons submitted the Letter to the Issuer's board of directors and issued the Press Release. The Letter and the Press Release are attached hereto as Exhibit 99.2 and incorporated herein by reference.

Except as otherwise described in the Prior Statement, this Amendment No. 2, the Joint Filing Agreement attached hereto as Exhibit 99.1 and the Letter and the Press Release attached hereto as Exhibit 99.2, there are no contracts, arrangements, understandings, or relationships (legal or otherwise) among the persons named in Item 2 and between such persons and any person with respect to any securities of the Issuer, including but not limited to transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** SilverCape Investments Limited

**Signature:** /s/ Peter Kennedy

**Name/Title:** Managing Director

**Date:** 06/29/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Peter Kennedy

**Signature:** /s/ Peter Kennedy

**Name/Title:** Managing Director

**Date:** 06/29/2026