NEW YORK, April 22, 2026 (GLOBE NEWSWIRE) -- Randian Capital, a retail activist investment firm focused on protecting the interests of retail shareholders, and a shareholder of Snap Inc. publishes Open Letter to Snap Board, calling for a strategic review of Snap subsidiary Specs Inc., a review of the current Board composition, a review of Snap’s potential index inclusion, and an independent review of President Trump’s Snapchat account.

We aim to give retail shareholders a voice in situations where they have suffered substantial economic underperformance. We are today calling for Snap’s Board to consider several important and urgent actions to protect shareholder value. Across common stock and options, Randian and its affiliates presently have economic exposure to over 170k shares of Snap.

Members of the Board of Directors

Snap Inc.
2772 Donald Douglas Loop N
Santa Monica, CA 90405

Dear Members of the Board of Directors:

We and our affiliates are shareholders of Snap Inc. (“Snap” or the “Company”). We are pleased with recent progress, including the tough but necessary decision to reduce headcount at the company. We write regarding several pressing issues the company faces.

We believe the market ascribes negative value to the Specs Inc. subsidiary, with some publicly discussed estimates that losses may approach $500mm annually. We believe Specs is a risky venture investment that does not belong in a public company focused on profitable growth.

We urge the Board to consider what we believe would be a value-creating transaction. We believe Mr. Spiegel has much more faith in the prospects of Specs than the market does. Therefore, we urge the Board to consider selling Specs Inc. to Mr. Spiegel for a contingent value right tied to Specs’ future revenues. Under this structure, we believe public shareholders would stand to benefit from the future prospects of Specs, but the market would no longer penalize Snap for the ongoing investment. As part of facilitating a separation, Snap could fund Specs with a final investment of $250mm-$500mm, and ensure that all future financing would be privately sourced, and not from Snap shareholders.

We believe that such a transaction would be accretive to the long-term value of Snap, and ease some of the market pressure resulting from the elevated multi-billion dollar investment in Specs. Any such transaction should be subject to approval by a fully independent special committee of the Board, supported by independent legal and financial advisors, and conditioned on a fairness opinion to ensure the terms are in the best interests of all shareholders.

Further, we believe the Board should consider refreshing its membership to ensure it has the requisite skills and experience to oversee a company of Snap’s scale and facing Snap’s unique challenges. Given Snap’s strategic priorities, we believe the Board could benefit from added depth in key areas such as artificial intelligence and advertising monetization at scale, with directors who bring proven operating experience in these domains.

Our research indicates that Snap has less passive ownership than peers with similar founder control structures, largely due to its exclusion from major indices as a result of Snap’s failure to meet certain eligibility criteria especially as it relates to governance. While we recognize these limitations, we believe the Board should pursue a review to explore potential mechanisms Snap can be included in various indices a company of its scale would normally be included in, subject to meeting the relevant criteria. Additionally, we believe Snap should explore moving its listing to the Nasdaq which may accelerate potential inclusion in Nasdaq indices.

We also believe the time has come for the Board to conduct an independent review into the decision to ban President Trump on Snapchat, and whether a continued enforcement of that ban is in the best interest of Snap shareholders and a consistent application of Snap policies. We encourage the Board to review the potential implications for user growth, engagement, and advertiser demand.

We believe swift attention to these matters is in the best interest of Snap shareholders and will help maximize the long term value of the company. Given the urgency, we would encourage Evan Spiegel to directly address these items on the company’s upcoming earnings call.

Sincerely,

Randian Capital LLC

THIS COMMUNICATION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT A RECOMMENDATION, AN OFFER TO PURCHASE OR A SOLICITATION OF AN OFFER TO SELL SHARES.

THIS COMMUNICATION CONTAINS OUR CURRENT VIEWS ON THE VALUE OF SNAP SECURITIES AND CERTAIN ACTIONS THAT SNAP MAY TAKE TO ENHANCE THE VALUE OF ITS SECURITIES. OUR VIEWS ARE BASED ON OUR OWN ANALYSIS OF PUBLICLY AVAILABLE INFORMATION AND ASSUMPTIONS WE BELIEVE TO BE REASONABLE. THERE CAN BE NO ASSURANCE THAT THE INFORMATION WE CONSIDERED AND ANALYZED IS ACCURATE OR COMPLETE. SIMILARLY, THERE CAN BE NO ASSURANCE THAT OUR ASSUMPTIONS ARE CORRECT. SNAP’S PERFORMANCE AND RESULTS MAY DIFFER MATERIALLY FROM OUR ASSUMPTIONS AND ANALYSIS.

OUR VIEWS AND OUR HOLDINGS COULD CHANGE AT ANY TIME. WE MAY SELL ANY OR ALL OF OUR HOLDINGS OR INCREASE OUR HOLDINGS BY PURCHASING ADDITIONAL SECURITIES. WE MAY TAKE ANY OF THESE OR OTHER ACTIONS REGARDING SNAP WITHOUT UPDATING THIS COMMUNICATION OR PROVIDING ANY NOTICE WHATSOEVER OF ANY SUCH CHANGES (EXCEPT AS OTHERWISE REQUIRED BY LAW).

contact@randian.capital