Blackwells Capital LLC an alternative investment management firm that is a significant shareholder of Peloton Interactive, Inc. (“Peloton” or the “Company”) (NASDAQ: PTON), yesterday sent the Peloton Board of Directors a comprehensive presentation outlining the need for immediate change in leadership and demand for the Board of Directors to initiate a strategic alternatives process to maximize value for the benefit of all shareholders.

The full presentation is available at https://tinyurl.com/26mv65hz. The presentation outlines the intrinsic value of Peloton, the Company’s severe underperformance, the mismanagement of the Company by John Foley, the poor governance and Board composition and the rationale for immediately commencing a sale process.

Blackwells also disclosed that yesterday it exercised its rights to review the books and records of Peloton Interactive, Inc. in a request made to the Company (the “Demand”), pursuant to Section 220 of the Delaware General Corporation Law. Blackwells intends to determine whether the lack of effective oversight at the Company was the direct result of the Company’s dual-class share structure, which may have precluded independent directors from exercising their fiduciary duties to the Company’s Class A common stockholders. The particulars of the Demand letter are available as part of the presentation and at https://tinyurl.com/yckssta9.