Minden – October 19, 2026 -- Glenbrook Capital Management now owns more than 30% of SenesTech, Inc. (NASDAQ: SNES) and has told the company's board that minimizing equity dilution must be the priority going forward.

The investor set out its position in a letter to Chairman Matthew Szot. It acknowledged the company's 40% topline growth in the third quarter and a $4 million revenue run rate.

Glenbrook says shareholders want an end to dilutive offerings and reverse splits

Glenbrook said it has participated in every funding round it was invited to, starting before and including the IPO. It described SenesTech as grossly undervalued relative to its market opportunity and said it may or may not add to its holdings opportunistically. Any further investment would depend on mutually acceptable terms and market conditions.

The letter said fellow shareholders have endured a recurring cycle of dilutive offerings and reverse splits.

Glenbrook-funded Sandstrom Partners review targets sales traction

Glenbrook said sales have lagged the potential of SenesTech's products. It retained branding and marketing strategy firm Sandstrom Partners at its own expense to analyze the business, and says the firm is ready to present its conclusions to the board.

If SenesTech hires Sandstrom, the work would cover keeping recent Amazon sales gains going. That includes messaging to buyers on how to use the company's Evolve and ContraPest products effectively.

Investor urges equity awards in place of cash compensation

Glenbrook said it voted in favor of the recent increase in SenesTech's stock option plan. It encouraged the company to use equity-based compensation selectively in place of cash. The investor argued that awards with performance conditions and safeguards against dilution would conserve cash and align the board more closely with shareholders.

Glenbrook said it wants to work cooperatively with the board and management and expects to engage directly in the near future.