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
• Retained a leading national investor relations agency whose program had not expanded the company's visibility among institutional investors

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

1. Rebuilt the Investor Presentation

Build-A-Bear was already retained with a leading national investor relations agency when Bristol was engaged, and continued to work with that firm through much of Bristol's engagement.

After a careful review of the existing investor presentation, it was determined that the messaging was not clear and the creative was lacking. Working with management, Bristol rebuilt the presentation from the ground up, overhauling both content and creative with sharper messaging, stronger visual execution, and a clear articulation of the business model and growth strategy.

Build-A-Bear had a genuinely good story. Profitable, cash generative, with a recognizable brand and a credible turnaround underway. The materials had not been doing it justice. The rebuild gave the company the kind of messaging its performance warranted and gave professional investors a reason to look again.

2. Webinar-Led Rollout

Rather than spending management time on dozens of scattered one-on-one meetings, Bristol implemented its investor webinar program:

• First webinar in March 2022 drew 223 investor registrants
• Four webinars in total, each marketed to Bristol's network of 7,000+ professionals
• Audiences 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
• Each event ran a 30-minute presentation followed by a 30-minute live Q&A

The format allowed Bristol to reach a broad and highly targeted investor audience, reintroduce the company efficiently and at scale, avoid low-conviction meetings, generate inbound interest and follow-up requests, and preserve management's time while maximizing visibility.

3. Targeted Follow-Up

After each event, Bristol tracked sentiment, interest levels and buying signals, then arranged one-on-one meetings between Build-A-Bear's executive team and the investors who had shown clear engagement.

4. Press Release Visibility and the Quarterly Rhythm

Throughout the engagement, Bristol Capital distributed every Build-A-Bear press release to approximately 4,125 opt-in professionals from its proprietary network, consistently generating open rates in the 30 to 40 percent range, alongside hundreds of investor presentation downloads.

Quarterly results mattered more than any other release. Build-A-Bear was asking investors to accept that a brand they associated with a different era of mall retail had become a profitable, disciplined operator. That case could not be made in a presentation. It had to be made in the numbers. Bristol made sure each quarter reached the professional investor community and then arranged one-on-one meetings so investors could take the results directly to management.

The effect was cumulative. Each quarter that delivered made the next conversation easier and gave investors who had been skeptical at the first introduction a growing body of evidence to weigh.

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 approximately 165 percent during the engagement
• Trading volume moved from illiquidity to roughly $15 million in average daily trading
• Investor perception shifted from dormant legacy retailer to profitable, scalable growth story
• Meaningful institutional interest established
• Investor momentum continued after the engagement concluded

Bristol's engagement concluded 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.