PetMed Express Board Approves One-Year Shareholder Rights Plan Through Dec. 2, 2026

PetMed Express, Inc., d/b/a PetMeds and parent company of PetCareRx, (Nasdaq: PETS) (the "Company"), today announced that its Board of Directors (the "Board") has unanimously approved an amendment to the Company's existing shareholder rights plan (the "Rights Plan"), pursuant to which the expiration date of the Rights was extended for one year from the close of business on December 2, 2025 until the close of business on December 2, 2026. All other terms and conditions of the Rights Plan remain unchanged.

The Board adopted the Rights Plan to protect the investment of shareholders during a period in which it believes shares of the Company do not reflect the inherent value of the business or its long-term growth potential, and during which there have been recent significant accumulations of Company common stock by certain shareholders. In adopting the extension of the Rights Plan, the Board reiterated its belief that shares of the Company continue to not reflect the inherent value of the business or its long-term growth potential and that the Company remains vulnerable to the acquisition of actual or de facto control by one or more shareholders without paying a control premium to other shareholders.