GLENBROOK CROSSES 30% OWNERSHIP OF SENESTECH

Further investment remains conditional, while Glenbrook has paid for an outside marketing analysis to support its engagement.

Rhea-AI Summary

Glenbrook Capital Management disclosed ownership of more than 30% of SenesTech (SNES) common shares and proposed changes to marketing and capital allocation. Its letter cited 40% topline growth in Q3 and a $4 million run rate. Glenbrook intends to remain a supportive long-term investor and would consider further investment subject to mutually acceptable terms and market conditions.

Glenbrook retained Sandstrom Partners at its own expense; the firm completed its analysis of SenesTech's business and is ready to share its advice. Glenbrook urged minimizing equity dilution and considering selective equity compensation instead of cash, with performance conditions and attention to dilution. It supported and voted for the recent increase in SenesTech's stock option plan. These are shareholder proposals, not announced actions by SenesTech's board.

2 points · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointGlenbrook's investment position now represents more than 30% of SenesTech's outstanding common shares.
• Minor pointSandstrom Partners has completed its business analysis and is ready to share advice with SenesTech.

Negative

• Minor point. Forward-looking: it has not happened yet and may not happen.Further Glenbrook investment is conditional on mutually acceptable terms and market conditions.
• Minor pointSandstrom Partners' engagement was funded at Glenbrook's expense.

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+6.65% vs previous close $0.69 last price 15.8x rel. volume Open Argus

Details

Market Reaction – SNES

$0.56 – $0.75 Day Range

$3.74M Mkt Cap at Last Price

On Oct 19, the day this news came out, the latest delayed price for SNES is 6.65% above the previous close. Our momentum scanner has recorded 27 alerts for this stock so far that day. The latest delayed price is $0.69. Relative volume is exceptionally heavy at 15.8x the average.

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Key Figures

Ownership: More than 30% of outstanding shares Topline growth: 40% Run rate: $4 million

Ownership

More than 30% of outstanding shares

Glenbrook's SenesTech holding

Topline growth

40%

Q3, as cited in Glenbrook's letter

Run rate

$4 million

Cited in Glenbrook's letter

Historical Context

1 past event · Latest: Oct 15

1 event

1. Oct 15

   Preliminary revenue

   24h Move

   +9.3%

   Preliminary Q3 revenue topped $1 million with 40% sequential growth, which Glenbrook cited.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

equity dilution, reverse splits, ipo, forward-looking statements, +1 more

5 terms

equity dilution financial

"Our primary goal, however, is to minimize equity dilution"

Equity dilution happens when a company issues more shares, so each existing shareholder owns a smaller slice of the company; think of slicing the same pizza into more pieces. It matters to investors because dilution can reduce an individual’s voting power and share of future profits or earnings per share, potentially lowering the market value of existing holdings unless the new capital meaningfully increases the company’s overall worth.

reverse splits financial

"a recurring cycle of dilutive offerings and reverse splits"

A reverse split is when a company combines multiple existing shares into a smaller number of higher-priced shares — for example, turning ten $1 shares into one $10 share — so the total value of your holdings stays roughly the same. Investors watch reverse splits because they can signal efforts to meet stock-exchange rules or improve market perception, but they often reduce share liquidity and can change how easy it is to buy or sell the stock.

ipo financial

"starting before and including the IPO"

An initial public offering (IPO) is the process by which a private company sells its shares to the public for the first time, making its ownership available on the stock market. This allows the company to raise money from a wide range of investors to fund growth or other goals. For investors, an IPO offers a chance to buy into a company early in its public journey, potentially benefiting if the company grows in value.

View in glossary

forward-looking statements regulatory

"The information herein contains "forward-looking statements.""

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

stock option plan financial

"We supported and voted in favor of the recent increase in the Company's stock option plan."

A stock option plan is a company program that gives employees the right to buy company shares at a preset price after a certain time, like a coupon allowing purchase later at a fixed rate. It matters to investors because these options can increase the number of shares outstanding — reducing each existing share’s ownership slice and potentially changing per-share results — while also aligning employee incentives with boosting the company’s value.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Glenbrook Believes Better Market Strategy and Sharpened Capitalization Focus Would Create Significant Upside

MINDEN, Nev., Oct. 19, 2026 /PRNewswire/ -- Glenbrook Capital Management ("Glenbrook"), a long-time shareholder of SenesTech, Inc. (NASDAQ: SNES) (the "Company") and owners of over 30% of outstanding shares of the Company, today issued the following letter.

Matthew Szot, Chairman of the Board
SenesTech, Inc.
13430 North Dysart Road, Suite 105
Surprise, AZ
October 19, 2026

Dear Matt,

I am writing to advise you that Glenbrook Capital Management ("GCM" or "we") is now a significant shareholder of SenesTech, Inc. ("SenesTech" or the "Company"), with holdings representing more than 30% of the outstanding common shares. Let me start by congratulating you on the 40% topline growth in Q3 and hitting a $4 million run rate. Our substantial investment reflects our belief that constructive engagement can help strengthen the business further and create value.

For our part, GCM intends to remain a supportive long-term investor, and we have participated in every round to which we were invited, starting before and including the IPO. We may—or may not-- increase our holdings over time, opportunistically, since we believe that the Company is grossly undervalued considering the market opportunity. Our fellow shareholders have endured a recurring cycle of dilutive offerings and reverse splits. Your shareholders want to end this cycle. We will consider further investment in SenesTech, subject to mutually acceptable terms and market conditions. Our primary goal, however, is to minimize equity dilution, and all efforts should be addressed to this end going forward. We believe that getting traction in the business is the right place to start.

As backers of the Company since before the IPO, we have been frustrated by the degree to which the sales have lagged the game-changing nature of SenesTech products. The market is there, we all know it, so how do we better communicate with and educate potential users? Because we want to help address this conundrum we retained (at our expense) the internationally recognized branding and marketing strategy firm, Sandstrom Partners ("Sandstrom"). Having completed their exhaustive analysis of the Company's business, they are ready to share with you their conclusions and advice. If you retain them for SenesTech, this will extend to ensuring that your recently heralded Amazon sales advances continue. For example, messaging purchasers so that they fully understand how to effectively use both Evolve and ContraPest.

We think a sharpened focus on capital discipline can benefit SenesTech and all of its shareholders. We supported and voted in favor of the recent increase in the Company's stock option plan. We encourage the Company to consider selective use of equity-based compensation in place of cash compensation. Speaking as a shareholder, we believe the optics for the Company would be significantly stronger if equity was awarded as compensation in lieu of cash. A thoughtful approach, with performance conditions and attention to avoiding dilution, could conserve cash while more closely aligning the interests of the Board with shareholders.

Our desire is to work cooperatively with the Board and management team on practical measures designed to improve the Company's financial position and support operating priorities. We look forward to engaging directly in the near future. 

Sincerely,
Glenbrook Capital Management

Media Contact:
ASC Advisors
Taylor Ingraham / Cassandra Dasco
Partner, ASC Advisors
tingraham@ascadvisors.com / cdasco@ascadvisors.com
203-992-1230

Investor Contact:
Richard Rudgley
richard@glenbrookcapital.net
650-441-9525

Grover Wickersham
CEO, Glenbrook Capital Management

Disclaimer and Cautionary Statement Regarding Forward-Looking Statements
This press release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein in any state to any person.

The information herein contains "forward-looking statements." Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as "may," "will," "expects," "believes," "anticipates," "plans," "estimates," "projects," "potential," "targets," "forecasts," "seeks," "could," "should" or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be proven, correct or that any of the objectives, plans or goals stated herein will ultimately be undertaken or achieved. If one or more of such risks or uncertainties materialize, or if Glenbrook underlying assumptions prove to be incorrect, the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward-looking statements should not be regarded as a representation by Glenbrook that the future plans, estimates or expectations contemplated will ever be achieved.

View original content:https://www.prnewswire.com/news-releases/glenbrook-crosses-30-ownership-of-senestech-302912974.html

SOURCE Glenbrook Capital Management

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much of SenesTech does Glenbrook Capital Management own?

Glenbrook Capital Management holds more than 30% of SenesTech's outstanding common shares. Glenbrook intends to remain a supportive long-term investor, but further investment would depend on mutually acceptable terms and market conditions.

What changes is Glenbrook proposing at SenesTech?

Glenbrook is proposing a sharper marketing strategy, minimizing equity dilution and selective use of equity compensation instead of cash. Its compensation proposal includes performance conditions and attention to dilution. Glenbrook also paid Sandstrom Partners to analyze the business; that analysis is complete and available to share with SenesTech.