Kanen Wealth Management, LLC, as owners of approximately 4% of the Company's outstanding Class A shares, urges the Board to immediately initiate and publicly announce a formal review of strategic alternatives, including a sale of the Company. The Board should establish an independent Special Committee and retain a qualified financial advisor to conduct a good-faith process with credible bidders.

This letter follows a private communication we sent to the Board in March 2026. In our view, our conversations with the Company's former CFO and current Chairman suggest a degree of alignment at the leadership level, with both appearing receptive to pursuing strategic alternatives as a rational and appropriate path forward. Our characterization reflects our interpretation of those discussions, and we recognize that views may differ. Notably, we did not encounter material opposition to the concept of exploring a transition to private ownership.

Given this apparent alignment, the absence of a public process is increasingly difficult to justify.

Based on our discussions with other investors and the Company's prolonged valuation dislocation, we believe most shareholders support a strategic review, particularly given ongoing governance instability and execution uncertainty.