# EDGAR Filing Document

**Accession Number:** 0001040130
**File Stem:** 0001213900-25-120354
**Filing Date:** 2025-12
**Character Count:** 22799
**Document Hash:** dcca6c5a03e5cfc2d6d0fe949d0a4977
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-120354.hdr.sgml**: 20251211

**ACCESSION NUMBER**: 0001213900-25-120354

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

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251211

**DATE AS OF CHANGE**: 20251211

**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:** 251563555

**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**

---

| | |
|:---|:---|
| ![](ex99-2_001.jpg) | c/o 80 Robinson Road, #13-03<br> Singapore 068898<br>TR-413365<br> www.silverCape.com |

---

December 10, 2025

**VIA E-MAIL:**

PetMed Express, Inc.

420 South Congress Avenue

Delray Beach, FL 33445

Attention: Board of Directors

Re: <u>Non-Binding Proposal for Potential Transaction</u>

Dear Members of the Board of Directors:

SilverCape Investments Limited ("<u>we</u>", "<u>us</u>", "<u>our</u>" and <u>SilverCape</u>") is pleased to submit the following preliminary, non-binding proposal (the "<u>Proposal</u>") to PetMed Express, Inc. (the "<u>Company</u>") to acquire 100% of the outstanding equity interests of the Company on the terms summarized below (the "<u>Potential Transaction</u>").

1. <u>Price Per Share</u>. We believe the Company would be best positioned as a private company, and we are prepared to attribute significant value to the Company's brand and licenses, and to work with the current leadership team to execute on a transaction to leverage these assets. Specifically, SilverCape would like to discuss our Proposal for a Potential Transaction with the Company's board of directors and management that would take the Company private at a price of $4.00 per outstanding share of common stock in cash. Our Proposal reflects a significant premium relative to the current market price of the Company's common stock, and we believe our Proposal also reflects the value of the Company's business and its long-term potential.

2. <u>No Financing Contingency</u>. The purchase price for the Potential Transaction would be funded with cash on hand at SilverCape, and the Potential Transaction would not be subject to any financing conditions or contingencies.

3. <u>Transaction Structure</u>. We propose to acquire 100% of the Company's outstanding common stock, with the Company becoming a direct or indirect wholly-owned subsidiary of SilverCape. The specific structure for the Potential Transaction is subject to our further analysis and due diligence, and we look forward to an open discussion with the Company regarding the transaction structure and the preparation of the Definitive Agreement (as defined below).

4. <u>Contingencies and Conditions</u>. Our Proposal for the Potential Transaction is subject in all respects to: (a) our further due diligence (including, but not limited to, financial, tax, accounting, legal, compliance, human resources, IT and regulatory due diligence) and (b) the execution of a mutually acceptable definitive agreement with terms and conditions customary for transactions of this type (the "<u>Definitive Agreement</u>"). Additionally, the Definitive Agreement for the Potential Transaction will include customary closing conditions for transactions of this type, including, without limitation, that the Company and its board of directors taking all necessary action to render inapplicable the Company's shareholder rights plan or other similar antitakeover protections that are or could become applicable in connection with the transactions contemplated by this Proposal, the Potential Transaction or the Definitive Agreement.

![](ex99-2_002.jpg)

5. <u>Timing</u>. We believe the timing of the Potential Transaction is critical to preserving value for the Company's stockholders, and we look forward to commencing our due diligence and preparation of the Definitive Agreement as soon as possible. We have engaged external legal counsel, and they are prepared to move expeditiously and to engage with the Company and its legal counsel and other advisors.

This Proposal is intended to serve as an outline of the basic terms of a Potential Transaction and to provide a basis for further discussions, and this Proposal is not a summary of all matters that would be contained in the Definitive Agreement. This letter and the Proposal are not intended to constitute an offer capable of acceptance, and this Proposal does not constitute a legally binding commitment or agreement to consummate the Potential Transaction (or any other transaction) and does not create any obligation or liability binding on SilverCape or its affiliates with respect to the Potential Transaction or otherwise. This Proposal is neither an offer to purchase nor a solicitation of an offer to sell shares of the Company's common stock or other securities. We shall not be legally bound or subject to any obligations with respect to this Proposal, the Potential Transaction or otherwise until such time, if ever, as a binding Definitive Agreement providing for the consummation of the Potential Transaction has been executed by us and the Company. We reserve the right to modify or withdraw this Proposal at any time and to cease discussions and negotiations at any time, in all cases, without incurring any liability to the Company or its affiliates, employees, officers, directors, advisors or shareholders. Each party will bear its own transaction-related expenses, including, without limitation, investment banking, legal, tax and accounting expenses.

Please note that we will be filing an amended Schedule 13D as a result of this Proposal, and this letter will be included as an exhibit to such filing.

We request that you keep any discussions relating to this letter and the Proposal and the Potential Transaction strictly confidential (except as required by law and for the sharing of information with the Company's advisors and employees who have a need to know such information for purposes of the Company's consideration of this Proposal and the Potential Transaction). Disclosure by the Company or any of its directors, employees or advisors of the content of any discussions or negotiations related to this letter and the Proposal and the Potential Transaction, or any other leaks, prior to execution of the Definitive Agreement may result in our withdrawing our interest in the Proposal and the Potential Transaction.

SilverCape is excited to engage constructively with the Company, its management and board of directors, and its advisors to deliver a transaction that maximizes value for the Company's shareholders.

Please contact me to discuss next steps.

---

| |
|:---|
| Very truly yours, |
| /s/ Peter Kennedy |
| Peter Kennedy |
| Managing Director |

---

*Page 2*

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**PETMED EXPRESS INC**

*(Name of Issuer)*

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

*(Title of Class of Securities)*

**716382106**

*(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)*

**12/09/2025**

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

| **CUSIP No.** | **716382106** |

---

| | | | |
|:--|:--|:--|:--|
| 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>**12.28%** | Percent of class represented by amount in Row (11)<br>**12.28%** | |
| 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 21,015,559 shares of Common Stock outstanding as of September 30, 2025, as last reported by the Issuer in its Annual Report on Form 10-K for the fiscal year ended March 31, 2025.

| **CUSIP No.** | **716382106** |

---

| | | | |
|:--|:--|:--|:--|
| 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>**12.28%** | Percent of class represented by amount in Row (11)<br>**12.28%** | |
| 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 21,015,559 shares of Common Stock outstanding as of September 30, 2025, as last reported by the Issuer in its Annual Report on Form 10-K for the fiscal year ended March 31, 2025.

**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. 1 to Schedule 13D ("Amendment No. 1") 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 "Prior Statement" and as amended by this Amendment No. 1, this "Schedule 13D") with respect to 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. 1, 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 December 10, 2025, SilverCape sent a Letter re: Non-Binding Proposal for Potential Transaction (the "Letter") to the Issuer providing a non-binding proposal (the "Proposal") to take the Issuer private by acquiring 100% of the Issuer's outstanding Common Stock at a price of $4.00 per share of Common Stock in cash (the "Potential Transaction"). The Proposal states that the purchase price for the Potential Transaction would be funded with SilverCape's cash on hand and that the Potential Transaction would not be subject to any financing conditions or contingencies.

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 (including, but not limited to, financial, tax, accounting, legal, compliance, human resources, IT and regulatory 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, the Potential Transaction or the Definitive Agreement.

As provided in the Letter, the Reporting Persons are seeking to commence due diligence and the preparation of the Definitive Agreement as soon as possible.

The foregoing description of the Letter is not intended to be complete and is qualified in its entirety by reference to the full text of the Letter, which is filed as Exhibit 99.2 to this Amendment No. 1 and is 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 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 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 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 Board, 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. 1, SilverCape is the holder of record of 2,579,696 shares of Common Stock, representing approximately 12.28% of the shares of Common Stock. The percentages used in this Amendment No. 1 are calculated based on 21,015,559 shares of Common Stock outstanding as of September 30, 2025, as last reported by the Issuer in its Annual Report on Form 10-K for the fiscal year ended March 31, 2025.

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. 1.

**(c)**
Item 5(c) is not being amended by this Amendment No. 1.

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

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

The information set forth in Item 4 of this Amendment No. 1 is incorporated herein by reference. On December 9, 2025, the Reporting Persons submitted the Letter to the Issuer's board of directors. The Letter is attached hereto as Exhibit 99.2 and incorporated herein by reference.

Except as otherwise described in the Prior Statement, this Amendment No. 1, the Joint Filing Agreement attached hereto as Exhibit 99.1 and the Letter attached hereto as Exhibit 99.2, (i) 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:** 12/11/2025

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:** 12/11/2025