On April 2, 2024, Marathon Partners Equity Management, LLC and its affiliated investment funds announced that they recently delivered a letter to Chairman Paul Mason and the Board of Directors, urging the Board to commence a process of evaluating alternatives to maximize shareholder value, including a potential sale of Dr. Martens plc. In the letter to the Board, Marathon Partners recommended that the Company?s Board hire an advisor and commence a strategic review process, including a potential sale or merger of the Company to interested parties, with the express goal of maximizing shareholder value. Marathon Partners stated that prior to the release of its letter, it held discussions with multiple Directors of the Company to privately resolve these matters.

Marathon Partners also stated that while these conversations were friendly and productive, they did not lead to a satisfactory resolution of important shareholder issues.