Company Announcements

NOTE TO EDITORS: The Following Is an Investment Opinion Issued by Spruce Point Capital Management

Provides Evidence the Bear Thesis on Zoom Shares Does Not Hold Up to Scrutiny

Believes Zoom’s Transformation Into a Comprehensive, Value-Added, AI-First Platform Poised to Drive Deeper Enterprise Penetration is Underappreciated

Demonstrates Zoom is Trading at a Massive Discount to Its Intrinsic Value, Particularly Considering Its Share Ownership in AI Leader Anthropic

Identifies A Range of Cost Structure, Organizational Effectiveness, Capital Allocation Practices, and Corporate Governance Concerns For Zoom to Address

Announces It Has Sent the Zoom Board of Directors a Letter Containing Nine Recommendations to Drive Significant Shareholder Value Creation

Calls on Zoom to Conduct a $4 Billion Modified Dutch Auction Tender, Initiate a $1.00/Share Dividend, Pursue Operating Cost Reduction, Fix Its International Business, and Collapse Its Dual-Class Share Structure, Among Other Actions

Estimates That Zoom Shares Have Well Over 100% Upside But Calls For a Sale of the Company If Results Cannot Be Delivered Within a Year

NEW YORK--(BUSINESS WIRE)--Apr. 24, 2026-- Spruce Point Capital Management, LLC (“Spruce Point” or “we” or “us”), a New York-based investment management firm that focuses on forensic research and activism, today issued a detailed report entitled "Zooming To Share Price Upside" that outlines why we believe and estimate that shares of Zoom Communications, Inc. (Nasdaq: ZM) (“Zoom” or the “Company”) have well over 100% long-term upside potential, representing the opportunity for material market outperformance.

Download and view the report, disclaimers, additional information, and exclusive updates by visiting www.SprucePointCap.com.

In addition, Spruce Point has sent a letter to Zoom’s Board of Directors highlighting our conclusions and recommending actions we believe can create shareholder value. The full text of Spruce Point’s letter to the Company can be viewed at www.SprucePointCap.com.

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Please note that the items summarized in this press release are expanded upon and supported with data, public filings and records, and images in Spruce Point’s full report. As a reminder, our full report, along with its investment disclaimers, can be downloaded and viewed at www.SprucePointCap.com.

As disclosed, Spruce Point and/or its clients have a long position in Zoom Communications, Inc. (Nasdaq: ZM) and owns derivative securities that stand to net benefit if its share price rises. Following publication of the report, we intend to continue transacting in the securities covered therein, and we may be long, short, or neutral at any time hereafter regardless of our initial opinion. For additional important information, please review the “Full Legal Disclaimer” contained in the report.

About Spruce Point

Spruce Point Capital Management, LLC is a forensic fundamentally-oriented investment manager that focuses on short-selling, value and special situation investment opportunities.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260424639627/en/

Daniel Oliver
Spruce Point Capital Management
doliver@sprucepointcap.com
(914) 999-2019

Source: Spruce Point Capital Management, LLC