GNK Holdings criticizes Bark's board after stock falls 58% below its offer

GNK Holdings LLC issued an open letter to shareholders of BARK, Inc. (NYSE: BARK) on Sept. 15, 2026, criticizing the company's board and management following a decline in BARK's stock price since the rejection of GNK's acquisition proposal.

GNK Holdings had submitted an all-cash proposal to acquire BARK at $1.10 per share, equivalent to $22.00 per share on a post-reverse-split basis, after BARK conducted a 1-for-20 reverse stock split. The proposal represented a 22% premium over a competing $0.90 per share offer submitted by a group that included BARK's CEO and Executive Chairman. BARK's Special Committee rejected the proposal, stating it did not adequately reflect the company's value and that a standalone strategy offered a better path to long-term shareholder value.

As of Sept. 14, 2026, BARK shares closed at $9.19, approximately 58% below GNK's split-adjusted offer price of $22.00 per share.

In the letter, signed by Nachum Klugman of GNK Holdings, the firm called on BARK's board and management to explain how rejecting the cash offer was consistent with maximizing shareholder value and to outline concrete steps to restore value. GNK Holdings also stated it intends to evaluate available options to advocate for BARK shareholders' interests.

GNK Holdings noted it continues to hold a beneficial ownership position in BARK securities.

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