SCHEDULE: Flint Ridge Entities Disclose Significant Warrant Holdings in Wag! Group Co.

Flint Ridge Capital LLC, Flint Ridge Partners L.P., and John P. Szabo, Jr. have disclosed beneficial ownership of Wag! Group Co. common stock through warrants, totaling up to 4.5% of the outstanding shares.

Summary

• Flint Ridge Capital LLC, Flint Ridge Partners L.P., and John P. Szabo, Jr. have filed an Amendment No. 2 to Schedule 13G regarding their beneficial ownership in Wag! Group Co.
• The beneficial ownership is primarily through warrants to purchase common stock.
• Flint Ridge Capital LLC and Flint Ridge Partners L.P. each beneficially own 1,560,000 shares, representing 3.0% of the class.
• John P. Szabo, Jr. beneficially owns 2,400,000 shares, representing 4.5% of the class, with sole voting and dispositive power over 380,000 shares and shared power over 2,020,000 shares.
• The percentages are calculated based on 50,739,113 shares of Common Stock outstanding as of May 5, 2025, as reported in Wag! Group Co.'s Form 10-Q for the quarter ended March 31, 2025.
• Flint Ridge Capital LLC is the general partner and investment adviser of Flint Ridge Partners L.P., and Mr. Szabo is the control person of Flint Ridge Capital LLC.
• The reporting persons are filing jointly but disclaim membership in a group and disclaim beneficial ownership except for their pecuniary interest.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. The filing is a routine disclosure of beneficial ownership, indicating continued investment interest. The ownership is through warrants, which could imply future dilution, but this is a standard mechanism for investment.

Positives

• Increased transparency regarding significant warrant holdings by institutional investors and a control person.
• The filing indicates continued investment interest in Wag! Group Co. by these entities.

Negatives

• The beneficial ownership is in the form of warrants, which means the shares are not yet outstanding and their exercise could lead to dilution if not already accounted for in the outstanding share count used for percentage calculation.

Risks

• Potential future dilution if the warrants are exercised and the underlying shares are issued, impacting existing shareholders' percentage ownership.

Future Outlook

The filing is a disclosure of current beneficial ownership through warrants and does not contain explicit forward-looking statements or guidance from the company or the reporting persons regarding future performance or strategic direction, beyond the potential exercise of warrants.

Management Comments

• The reporting persons certified that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

This filing indicates that institutional investors and their control persons maintain significant positions in Wag! Group Co., a company operating in the pet care services industry. Such disclosures are standard for large shareholders and reflect ongoing investment interest in the sector.

Comparison to Industry Standards

• As a Schedule 13G filing, this document primarily discloses beneficial ownership and does not provide financial results or operational metrics for direct comparison to industry standards.
• It details the ownership structure of specific entities in Wag! Group Co., a company in the pet care services market, which includes competitors like Rover Group, Inc. (RVLY) and Chewy, Inc. (CHWY).
• The disclosed ownership percentages are typical for institutional investors holding non-controlling stakes in publicly traded companies.

Stakeholder Impact

• Shareholders: Potential for future dilution if warrants are exercised and new shares are issued, impacting per-share metrics.
• Company: Indicates continued investment and confidence from significant holders.

Next Steps

• The filing itself does not outline specific future actions or milestones for Wag! Group Co. or the reporting persons, beyond the potential future exercise of the warrants.

Key Dates

Recommendation

Keywords

Wag! Group Co., Wag, Flint Ridge Capital LLC, Flint Ridge Partners L.P., John P. Szabo Jr., SEC Filing, Schedule 13G, Beneficial Ownership, Warrants, Common Stock, Institutional Investor, Investment Adviser, Pet Care Industry