HCI Grove entered into a letter agreement with Grove Collaborative Holdings, Inc (GROV)

M.Cap: $61 million | Grove Collaborative Holdings, Inc., a consumer products company, develops and sells household, personal care, beauty, and other consumer products in the United States.

On July 8, 2025, Jason H. Karp, HCI Grove, LLC (5.4%) sent a letter to the Board urging a pursuit of strategic alternatives—such as a sale, merger, or take-private deal—citing poor shareholder returns, limited float, and the company's struggle to balance growth and profitability due to high costs. Source

On August 7, 2025, the company and Jason H. Karp, HCI Grove, LLC formed a working group to explore value-creation options, with Jason H. Karp favoring a sale, merger, or take-private deal and engaging on strategic, financial, and governance opportunities.

On Sept 21, 2025, the company and HCI Grove entered a Letter Agreement tied to their Working Group, imposing 18-month confidentiality, a six-month standstill (extendable to Sept 2026 if a Trigger Event occurs), and a lock-up on share transfers. The agreement restricts ownership above 9.99%, certain proposals, campaigns, and unsolicited deals. HCI Grove may exit anytime, the Issuer after six months, and the group ends by Sept 30, 2026.