Wag! Group Co. Pursues Pre-Packaged Chapter 11 Restructuring to Strengthen Financial Position and Continue Operations

Wag! Group Co. initiates Chapter 11 reorganization to reduce debt and transitions ownership to secured lender Retriever LLC.

Quiver AI Summary

Wag! Group Co. announced it is entering a voluntary pre-packaged Chapter 11 bankruptcy process to restructure its balance sheet, ensuring continued operations across its business segments during this time. The plan, which has already been accepted by its primary secured lender Retriever LLC, involves Retriever assuming ownership of the company in order to reduce debt and support long-term success under private ownership. Wag! expects to emerge from Chapter 11 in approximately 40 days and has secured financing to maintain liquidity during the process. CEO Garrett Smallwood expressed optimism for a strong partnership with Retriever, which will bolster the company's financial foundation and set the stage for future growth. The reorganization plan is pending approval from the U.S. Bankruptcy Court for the District of Delaware.

Potential Positives

• Wag! Group Co. has initiated a pre-packaged Chapter 11 process, providing a structured approach to debt reduction and organizational restructuring.
• The primary secured lender, Retriever LLC, has already voted in favor of the reorganization plan, indicating strong support for the company's restructuring efforts.
• The plan allows for ongoing operations across all business segments without interruption during the Chapter 11 process, ensuring continuity for customers.
• The company is positioned to emerge from Chapter 11 within approximately 40 days, aiming for a strengthened financial foundation post-emergence with increased capital for future growth.

Potential Negatives

• Initiation of Chapter 11 bankruptcy proceedings indicates significant financial distress within the company.
• The restructuring plan results in the transfer of ownership to the primary secured lender, Retriever LLC, signaling a loss of control by existing management and possibly reducing confidence among investors and stakeholders.
• The company's ability to continue operations without interruption during the Chapter 11 process is uncertain and may lead to operational disruptions, impacting customer trust and future revenues.

FAQ

What is Wag! Group Co. announcing?

Wag! Group Co. is pursuing a balance sheet restructuring through a pre-packaged Chapter 11 process to reduce debt and transition ownership.

How does Chapter 11 affect Wag!'s operations?

Wag! will continue operations across all business segments without interruption during the Chapter 11 process and thereafter.

Who is Wag!'s primary secured lender?

Retriever LLC is Wag!'s primary secured lender and the only voting class under the company's pre-packaged plan of reorganization.

What is the expected timeline for Wag! to emerge from Chapter 11?

Wag! expects to emerge from Chapter 11 within approximately 40 days after the plan's court approval.

What support has Retriever LLC provided to Wag! during this process?

Retriever LLC has committed to provide debtor-in-possession financing and exit financing to support Wag!'s operations and growth.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$PET Insider Trading Activity

$PET insiders have traded $PET stock on the open market 20 times in the past 6 months. Of those trades, 0 have been purchases and 20 have been sales.

Here’s a breakdown of recent trading of $PET stock by insiders over the last 6 months:

• JOHN P JR SZABO has made 0 purchases and 4 sales selling 4,410,000 shares for an estimated $527,555.
• GARRETT SMALLWOOD (Chief Executive Officer) has made 0 purchases and 2 sales selling 38,144 shares for an estimated $11,471.
• MAZIAR ARJOMAND (Chief Technology Officer) has made 0 purchases and 2 sales selling 38,144 shares for an estimated $11,471.
• ADAM STORM (Pres. & Chief Product Off.) has made 0 purchases and 2 sales selling 30,376 shares for an estimated $9,135.
• ALEC DAVIDIAN (Chief Financial Officer) has made 0 purchases and 2 sales selling 22,719 shares for an estimated $6,832.
• PATRICK MCCARTHY (Chief Marketing Officer) has made 0 purchases and 2 sales selling 18,580 shares for an estimated $5,587.
• DYLAN ALLREAD (Chief Operating Officer) has made 0 purchases and 2 sales selling 16,652 shares for an estimated $5,007.
• DAVID CANE (Chief Customer Officer) has made 0 purchases and 2 sales selling 14,848 shares for an estimated $4,465.
• NICHOLAS YU (VP of Legal) has made 0 purchases and 2 sales selling 9,374 shares for an estimated $2,818.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$PET Hedge Fund Activity

We have seen 7 institutional investors add shares of $PET stock to their portfolio, and 8 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• MMCAP INTERNATIONAL INC. SPC removed 177,697 shares (-33.4%) from their portfolio in Q1 2025, for an estimated $27,205
• BRIDGEWAY CAPITAL MANAGEMENT, LLC removed 147,000 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $22,505
• UBS GROUP AG added 77,169 shares (+72.5%) to their portfolio in Q1 2025, for an estimated $11,814
• ACT ADVISORS, LLC. removed 47,284 shares (-100.0%) from their portfolio in Q2 2025, for an estimated $10,932
• GEODE CAPITAL MANAGEMENT, LLC added 25,141 shares (+19.7%) to their portfolio in Q1 2025, for an estimated $3,849
• HRT FINANCIAL LP removed 19,852 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $3,039
• TWO SIGMA SECURITIES, LLC added 15,229 shares (+inf%) to their portfolio in Q1 2025, for an estimated $2,331

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

$PET Analyst Ratings

Wall Street analysts have issued reports on $PET in the last several months. We have seen 2 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

• RBC Capital issued a "Outperform" rating on 05/07/2025
• DA Davidson issued a "Buy" rating on 02/21/2025

To track analyst ratings and price targets for $PET, check out Quiver Quantitative's $PET forecast page.

$PET Price Targets

Multiple analysts have issued price targets for $PET recently. We have seen 2 analysts offer price targets for $PET in the last 6 months, with a median target of $20.5.

Here are some recent targets:

• Irene Nattel from RBC Capital set a target price of $35.0 on 05/07/2025
• Tom White from DA Davidson set a target price of $6.0 on 02/21/2025

Full Release

Initiates Chapter 11 Proceeding via Pre-Packaged Plan of Reorganization

Operations Across Business Segments to Continue Without Interruption During Chapter 11 Process and Beyond

SAN FRANCISCO, July 21, 2025 (GLOBE NEWSWIRE) -- Wag! Group Co. (the “Company” or “Wag!”; Nasdaq: PET), which strives to be the number one platform to solve the service, product, and wellness needs of the modern U.S. pet household, today announced that it is pursuing a comprehensive balance sheet restructuring through a voluntary, pre-packaged Chapter 11 process in the U.S. Bankruptcy Court for the District of Delaware. The Company’s primary secured lender, Retriever LLC (the "lender” or “Retriever”), which constitutes the only voting class under the plan, has already voted to accept the pre-packaged plan of reorganization. The plan provides a clear and expeditious path to reduce debt, transition ownership of the Company to Retriever, and position the business for long-term success under private ownership.

Under the terms of the plan, Retriever – currently the Company’s primary secured lender – will assume ownership of the reorganized Company following court approval of the plan. As structured, the pre-packaged plan is designed to be implemented on an accelerated basis, with Wag! expecting to emerge from Chapter 11 within approximately 40 days.

“This process enables us to move forward with a clear plan and a strong partner who shares our vision for the future,” said Garrett Smallwood, CEO and Chairman of Wag!. “Retriever’s ongoing support—along with their long-term investment in our business—will provide the financial and operational flexibility we need to continue serving our customers while positioning our business for sustainable growth and long-term success. With a well-capitalized balance sheet post-emergence and additional capital to support future growth, we believe the Company will be well-positioned to thrive over the long-term.”

To support operations during the process, the Company has secured a commitment for debtor-in-possession (“DIP”) financing from its existing secured lender, Retriever LLC. This financing, combined with cash generated from ongoing operations, is expected to provide liquidity to meet business obligations throughout the court-supervised process. In addition, as part of the Company’s reorganization plan, Retriever LLC has also committed to provide exit financing, further reinforcing the Company’s path to a stable and well-capitalized emergence. The Company believes it will emerge with a strengthened financial foundation and the resources needed to execute on its long-term strategic priorities.

The plan of reorganization is subject to approval by the U.S. Bankruptcy Court for the District of Delaware. Wag! believes it has a clear and executable path toward confirmation and emergence.

Additional information regarding the Chapter 11 process, including court filings and related materials, will be made available at

https://dm.epiq11.com/WagGroupCo

.

Advisors

Wag! is represented by Young Conaway Stargatt & Taylor, LLP as restructuring counsel, Latham & Watkins LLP as corporate counsel and Portage Point Partners as restructuring advisor. Retriever is represented by The Tuhey Law Firm LLC and Honigman LLP as its legal counsel.

About Wag! Group Co.

Wag! Group Co. strives to be the number one platform to solve the service, product, and wellness needs of the modern U.S. pet household. Wag! pioneered on-demand dog walking in 2015 with the Wag! app, which offers access to 5-star dog walking, sitting, and one-on-one training from a community of over 500,000 Pet Caregivers nationwide. In addition, Wag! Group Co. operates Petted, one of the nation’s largest pet insurance comparison marketplaces; Dog Food Advisor, one of the most visited and trusted pet food review platforms; WoofWoofTV, a multi-media company bringing delightful pet content to over 18 million followers across social media; and maxbone, a digital platform for modern pet essentials. For more information, visit


Wag.co


.

About Retriever LLC

Retriever is a privately held company that provides lending and institutional support to pet related businesses.

Forward Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. These statements include those related to the pre-packaged plan of reorganization, continued operations across business segments without interruption during the Chapter 11 process and beyond, the path to reduce debt and position the business for long-term success, the assumption of ownership by Retriever, implementation of the pre-packaged plan of reorganization on an accelerated basis and the expected timing of emergence from Chapter 11, Retriever’s ongoing support and investment, the Company’s well-capitalized balance sheet and additional capital to support future growth, the Company’s position over the long-term, DIP financing, expectations regarding liquidity to meet business obligations, exit financing, the path to emergence from Chapter 11, the Company’s financial foundation and resources to execute on long-term strategic priorities. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: our expectation that our operations will continue following the commencement of the Chapter 11 proceedings; our ability to obtain approval from the bankruptcy court with respect to motions or other requests made to the court throughout the course of the Chapter 11 cases, including with respect to DIP and exit financing; potential risks associated with Chapter 11 proceedings; risks related to our indebtedness may restrict our current and future operations, and we may not be able to comply with the covenants in the DIP or exit loan facilities; employee attrition and our ability to retain senior management and other key personnel due to distractions and uncertainties related to the bankruptcy process; and substantial doubt regarding our ability to continue as a going concern. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s filings with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact Us

Media:


Media@wagwalking.com

Investor Relations

Wag!:


IR@wagwalking.com

Gateway for Wag!:


PET@gateway-grp.com

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.