Build-A-Bear was a familiar brand with a forgotten public profile.

Despite strong fundamentals and a post-COVID resurgence, the company faced multiple headwinds in the investment community:

• No analyst or research coverage
• Limited institutional awareness
• Working with a large, traditional IR agency that struggled to expand visibility

Build-A-Bear was referred to Bristol Capital by large existing shareholders seeking stronger visibility, messaging, and investor traction.

1. Rebuilt the Narrative
   We started by completely overhauling the company’s investor presentation, redesigning it from the ground up with improved messaging, visual clarity, and a compelling articulation of the business model and growth strategy.
2. Webinar-Led Rollout
   Rather than wasting time on dozens of scattered one-on-one meetings, we implemented our high-impact investor webinar program:
   • First webinar in March 2022 drew 223 investor registrants
   • Four webinars in total, each marketed to our network of 7,000+ professionals
   • Included institutional funds, brokers, RIAs, and sell-side analysts
   • Attendees spanned major hubs and undercovered markets, from New York and Toronto to Milwaukee, Dallas, Madrid, and Minneapolis
   • Delivered a 30-minute presentation + 30-minute live Q&A

   This format allowed us to:

   • Reach a broad and highly targeted investor audience
   • Reintroduce the company efficiently and at scale
   • Avoid time-wasting meetings with low-conviction investors
   • Generate inbound interest and follow-up meeting requests
   • Preserve management’s time while maximizing visibility
3. Targeted Follow-Up
   Post-event, we tracked sentiment, interest levels, and buying signals and then facilitated high-quality one-on-one meetings between BBW’s executive team and investors who expressed clear engagement.
4. Press Release Visibility
   Throughout the engagement, Bristol Capital recirculated each of Build-A-Bear’s press releases to approximately 4,125 opt-in professionals from its proprietary network. View rates averaged close to 40%, with hundreds of investor presentation downloads. These touchpoints reinforced brand awareness and improved webinar participation and follow-up traction.

From the March 2022 webinar alone:

"I didn't even know they were still in business."
"The turnaround story is real and the brand has legs."
"It's a unique retailer with strong margins and growth optionality."
"The message was clear, and the CEO was outstanding."
"We bought the stock immediately after the call."

Many attendees began due diligence following the event. Several disclosed direct stock purchases, and numerous funds requested follow-ups with management.

• Valuation increased ~165% during our engagement
• Trading volume surged from illiquidity to $15 million daily average
• Investor perception flipped from dormant legacy retailer to profitable, scalable growth story
• Established meaningful institutional interest
• Ongoing investor momentum post-engagement

Our engagement concluded successfully in September 2023, having met all strategic objectives. With stronger visibility, a broader shareholder base, and a clarified market narrative, Build-A-Bear no longer required external IR support.