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Wag! Group Co. Announces Recapitalization Transaction with Retriever LLC

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 ...