Biglari Capital Urges All Jack in the Box Shareholders to Vote AGAINST Chairman David Goebel at Upcoming Annual Meeting

Rhea-AI Summary

Biglari Capital sent a letter to shareholders of Jack in the Box (NASDAQ: JACK) dated Feb. 9, 2026, urging shareholders to vote against Chairman David Goebel at the upcoming annual meeting. The firm asks holders to sign, date, and return its GOLD proxy card and provides contact details for voting assistance.

Positive

• Biglari Capital formally solicited JACK shareholders via a dated letter (Feb 9, 2026)
• GOLD proxy card provided with clear voting instructions and assistance contact details

Negative

• Proxy solicitation signals a potential contested board vote over JACK leadership

News Market Reaction – JACK

-4.45%

1 alert

-4.45% News Effect

On the day this news was published, JACK declined 4.45%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Reality Check

Price: $16.80 Vol: Volume 446,679 is in line...

normal vol

$16.80 Last Close

Volume Volume 446,679 is in line with the 20-day average of 449,047 (relative volume 0.99). normal

Technical Price at $21.36 is trading above the 200-day MA of $19.93 while still 50.98% below the 52-week high.

Peers on Argus

JACK was down 6.19% while key restaurant peers showed mixed, smaller moves (e.g....

JACK was down 6.19% while key restaurant peers showed mixed, smaller moves (e.g., DIN -0.8%, LOCO -1.38%, PTLO +2.36%, RICK -2.64%), pointing to stock-specific dynamics rather than a broad sector shift.

Historical Context

5 past events · Latest: Feb 05 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 05	Strategic plan update	Positive	-1.0%	Company reiterated confidence in its “JACK on Track” turnaround and value plan.
Feb 03	Promotional campaign	Positive	+2.7%	Del Taco launched value-focused Lent seafood promotions and limited-time menu items.
Jan 22	Brand collaboration	Positive	+2.5%	Jack in the Box and The Hundreds announced a 75th‑anniversary “Jack Was Here” apparel drop.
Jan 22	Earnings webcast notice	Neutral	+2.5%	Company scheduled its Q1 2026 earnings webcast and outlined timing for the release.
Jan 09	Debt repayment	Positive	-1.4%	Announced repayment of <b>$105 million</b> in senior secured notes under its JACK on Track plan.

Pattern Detected

Recent positive strategic updates and debt reduction have sometimes coincided with negative or muted price reactions, while marketing and brand initiatives have seen more supportive moves.

Recent Company History

Over the past several weeks, JACK has reported multiple developments tied to its “JACK on Track” plan and brand initiatives. These include a $105 million debt repayment on Jan 9, 2026, promotional activity at Del Taco, and a 75th‑anniversary collaboration with The Hundreds, alongside communication of the upcoming Q1 2026 earnings webcast. Despite these efforts, some strategic or balance‑sheet updates saw negative next‑day moves, while marketing and promotional news drew more favorable reactions. The current activist-driven proxy communication sits against this backdrop of mixed market responses.

Market Pulse Summary

This announcement highlights an activist-led proxy campaign urging shareholders to oppose a current ...

Analysis

This announcement highlights an activist-led proxy campaign urging shareholders to oppose a current director at the upcoming annual meeting, adding a governance layer to JACK’s ongoing “JACK on Track” turnaround. Recent history includes debt reduction of $105 million, brand collaborations, and promotional initiatives, alongside a revised proxy statement detailing board proposals. Investors may watch future proxy filings, the 2026 annual meeting outcomes, and upcoming earnings disclosures to gauge how governance dynamics interact with the turnaround plan.

Key Terms

proxy card, proxy materials

2 terms

proxy card financial

"Biglari Capital urges you to sign, date, and return the GOLD proxy card today."

A proxy card is a document that allows shareholders to give someone else the authority to vote on their behalf at a company’s meeting. Think of it as a permission slip that ensures a shareholder’s interests are represented even if they cannot attend in person. For investors, proxy cards are important because they influence company decisions and governance, giving them a way to participate indirectly.

proxy materials financial

"those who require copies of Biglari Capital's proxy materials, should contact:"

Proxy materials are the packet of documents sent to shareholders that explain items to be voted on at a company meeting and include the actual ballot or instructions for casting a vote. Think of them as a voting packet that lays out who’s running the company, major proposals (like pay, mergers, or board changes), and arguments for and against each item. Investors care because those votes shape corporate direction, affect risk and future profits, and can influence share value.

AI-generated analysis. Not financial advice.

SAN ANTONIO, Feb. 10, 2026 /PRNewswire/ -- Biglari Capital Corp. today announced that it has sent a letter to shareholders of Jack in the Box Inc. (NASDAQ: JACK). The full text of Biglari Capital's February 9, 2026 letter is available www.saratogaproxy.com/JACK

Your vote is important, no matter how many or how few shares of common stock you own. Biglari Capital urges you to sign, date, and return the GOLD proxy card today.

Shareholders who have questions or require assistance in voting their GOLD Proxy Card, or those who require copies of Biglari Capital's proxy materials, should contact: Saratoga Proxy Consulting LLC at (888) 368-0379 or info@saratogaproxy.com.

About Biglari Capital Corp.
Biglari Capital Corp. is an investment firm headquartered in San Antonio, Texas.

Media Contact
Saratoga Proxy Consulting LLC
Tel: (212) 257-1311
jferguson@saratogaproxy.com

View original content:https://www.prnewswire.com/news-releases/biglari-capital-urges-all-jack-in-the-box-shareholders-to-vote-against-chairman-david-goebel-at-upcoming-annual-meeting-302683785.html

SOURCE Biglari Capital Corp.

FAQ

What did Biglari Capital announce regarding JACK (NASDAQ: JACK) on Feb. 10, 2026?

Biglari Capital announced it sent a shareholder letter urging a vote against Chairman David Goebel. According to Biglari Capital, the Feb. 9, 2026 letter requests that shareholders return the GOLD proxy card to register their vote.

How are JACK shareholders instructed to vote on the GOLD proxy card?

Shareholders are urged to sign, date, and return the GOLD proxy card to vote against the chairman. According to Biglari Capital, holders should return the card promptly and can contact Saratoga Proxy Consulting for assistance.

Who can JACK shareholders contact for help with the GOLD proxy card and voting?

Shareholders can contact Saratoga Proxy Consulting at (888) 368-0379 or info@saratogaproxy.com for voting help. According to Biglari Capital, Saratoga can provide copies of proxy materials and assistance completing the GOLD proxy card.

What does Biglari Capital’s solicitation mean for JACK shareholders ahead of the annual meeting?

The solicitation asks shareholders to vote against the current chairman, indicating a governance contest ahead of the meeting. According to Biglari Capital, the Feb. 9 letter and GOLD proxy card are the mechanisms for shareholders to express their vote.