PetMed Express (PETS) said late Wednesday its board has approved a one-year extension of its existing shareholder rights plan, pushing expiration to Dec. 2, 2026.

The extension of the shareholder rights plan, commonly known as a poison pill, was adopted to protect shareholders' investment at a time when the pet pharmacy's stock price does not reflect the business's inherent value, the company said.

All the other terms and conditions of the rights plan remain unchanged, it added.

Shares fell over 5% in recent after-hours activity.