Glenbrook Capital Management (referred to as " Glenbrook ") indicates that, as a long-term shareholder of SenesTech, Inc (Nasdaq ticker: SNES ), it currently holds more than 30% of the company's outstanding shares. On that day, the company issued a letter to SenesTech Chairman Matthew Szot, stating that it believes a better market strategy and a clearer focus on capital structure will bring significant upside potential.
The letter states that Glenbrook congratulates SenesTech on achieving a 40% revenue growth in the third quarter of 2026 and reaching a turnover of 4 million US dollars. Glenbrook mentions that their substantial investment reflects confidence in the fact that constructive communication can further strengthen the business and create value.
Glenbrook indicates that as supporters who have been involved in investments prior to IPO, the company will continue to act as long-term investors and may choose to increase their holdings over time, or they may not do so, depending on market conditions. Glenbrook believes that, considering market opportunities, SenesTech is significantly undervalued. The company also stated that shareholders have experienced repeated dilutive financings and reverse stock splits, and they hope to end this situation. Glenbrook mentioned that any further investments in the future will depend on terms and market conditions that are acceptable to both parties, but the primary goal is to minimize equity dilution, and all efforts should be directed towards this objective.
Glenbrook also indicates that, as a supporter of the company prior to IPO, they were disappointed with the sales growth falling behind the "disruptive" features of SenesTech product. The letter suggests that there is indeed market demand, and the key lies in how to better communicate with and educate potential users. For this reason, Glenbrook hired the internationally renowned brand and marketing strategy company Sandstrom Partners at their own expense, conducted a comprehensive analysis of the company's business, and is prepared to share the findings and recommendations with SenesTech. Glenbrook states that if SenesTech continues to employ this company, it will also help ensure the continuation of their recent sales progress on Amazon, such as conveying to buyers how to effectively use Evolve and ContraPest.
Glenbrook believes that strengthening capital discipline will also be beneficial to SenesTech and all its shareholders. The company stated that it supports and voted in favor of SenesTech's recent proposal to raise the ceiling on the stock option plan, and at the same time encourages the company to consider using equity incentives to replace part of the cash compensation. Glenbrook believes that if equity rather than cash is used as compensation, the company's image will significantly improve; if this is combined with performance conditions and attention is paid to avoiding dilution, this approach will help save cash and align the interests of the board of directors more closely with those of the shareholders.
Glenbrook indicates a desire to cooperate with the board of directors and management to take tangible measures to improve the company's financial situation and support key business priorities, and looks forward to direct communication in the near future.
At the end of the article, there is information for contacting the media and investors, as well as the signatures of Glenbrook Capital Management, the Chief Executive Officer, and Grover Wickersham. The press release also includes a disclaimer regarding forward-looking statements, stating that some of the assertions contained therein involve risks and uncertainties, and that actual results may differ significantly from those indicated in the relevant statements.
