<SEC-DOCUMENT>0001193125-25-152078.txt : 20250630
<SEC-HEADER>0001193125-25-152078.hdr.sgml : 20250630
<ACCEPTANCE-DATETIME>20250630085937
ACCESSION NUMBER:		0001193125-25-152078
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250630
DATE AS OF CHANGE:		20250630

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BIG 5 SPORTING GOODS Corp
		CENTRAL INDEX KEY:			0001156388
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-MISCELLANEOUS SHOPPING GOODS STORES [5940]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				954388794
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0101

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-49850
		FILM NUMBER:		251088890

	BUSINESS ADDRESS:	
		STREET 1:		2525 EAST EL SEGUNDO BOULEVARD
		CITY:			EL SEGUNDO
		STATE:			CA
		ZIP:			90245-4632
		BUSINESS PHONE:		(310) 297-7706

	MAIL ADDRESS:	
		STREET 1:		2525 EAST EL SEGUNDO BOULEVARD
		CITY:			EL SEGUNDO
		STATE:			CA
		ZIP:			90245-4632

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BIG 5 SPORTING GOODS CORP
		DATE OF NAME CHANGE:	20010822

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BIG 5 HOLDINGS CORP
		DATE OF NAME CHANGE:	20010802
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d933706ddefa14a.htm
<DESCRIPTION>DEFA14A
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<TITLE>DEFA14A</TITLE>
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<DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy
Statement Pursuant to Section&nbsp;14(a) of </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>the Securities Exchange Act of 1934 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the Registrant&#8194;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a Party other
than the Registrant&#8194;&#9744; </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, for Use of the Commission Only (as permitted by Rule
<FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT></B> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting Material under <FONT STYLE="white-space:nowrap">&#167;240.14a-12</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>BIG 5 SPORTING GOODS CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check the appropriate box): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee paid previously with preliminary materials. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules
<FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11</FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Schedule 14A relates solely to preliminary communications made prior to furnishing stockholders of Big
5 Sporting Goods Corporation, a Delaware corporation (&#147;Company&#148;) with a definitive proxy statement related to the proposed transaction contemplated by the Agreement and Plan of Merger, dated as of June&nbsp;29, 2025, by and among the
Company, Worldwide Sports Group Holdings LLC, a Delaware limited liability company, WSG Merger LLC, a Delaware limited liability company and a wholly owned subsidiary of Parent, and, solely for the purposes of Section 9.13 thereof, Worldwide Golf
Group LLC, a Delaware limited liability company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>1. The following announcement was sent to employees of Big 5 Sporting Goods
Corporation on June&nbsp;30, 2025: </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g933706g0630025943079.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;30, 2025 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Big
5 Associates, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are delighted to share some exciting news that marks a significant milestone in our company&#146;s journey. Founded in 1955, Big 5 has
undergone various transitions over its <FONT STYLE="white-space:nowrap">70-year</FONT> history: from starting as a private company to becoming a subsidiary of a public company in 1971, returning to private status under a private equity firm in 1992,
to operating as a public company for the last 23 years. Each transition has fostered growth for our business and our team. Today, we announce a new chapter in our evolution that I am confident will bring significant benefits. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attached is a press release detailing a pivotal transaction in which Big 5 Sporting Goods Corporation has entered into a definitive merger agreement to be
acquired by a partnership comprised of Worldwide Golf and Capitol Hill Group. Big 5 will remain an independent company within the Capitol Hill Group portfolio and will benefit from fresh capital and additional investments to help us navigate the
current challenging macroeconomic environment and position us for renewed growth in the years ahead. We anticipate leveraging synergistic opportunities with the Worldwide Golf and Capitol Hill teams to enhance our merchandising and marketing
capabilities, enabling us to better serve our valued customers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer to the press release for more details on Worldwide Golf and Capitol Hill
Group. Note that the transaction is subject to certain closing conditions, including the approval of Big 5&#146;s stockholders, and is expected to close in the second half of 2025, subject to the satisfaction of those conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I want to express my appreciation to the entire Big 5 team. Together, we will turn the page to this exciting new chapter and continue to build on our legacy
of excellence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Best regards, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Steven G. Miller </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Steven G. Miller </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">President and CEO </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>2. The following announcement was sent to vendors of Big 5 Sporting Goods Corporation on
June&nbsp;30, 2025: </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g933706g0630025943079.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;30, 2025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear
Valued Merchandise Vendors, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are pleased to share some exciting news that marks a significant milestone in our company&#146;s journey. Big 5 Sporting
Goods Corporation has entered into a definitive merger agreement to be acquired by a partnership comprised of Worldwide Golf and Capitol Hill Group. This acquisition will provide our company with fresh capital and additional investments to help us
navigate the current challenging macroeconomic environment and position us for renewed growth in the years ahead. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Worldwide Golf is a leading nationwide
retailer of golf equipment, apparel, shoes and accessories, while Capitol Hill Group is a Bethesda, Maryland-based private investment firm with diversified holdings, including retail. This acquisition combines Capitol Hill Group&#146;s financial
resources with Worldwide Golf&#146;s specialty retail expertise to provide Big&nbsp;5 with the long-term capital and strategic support to <FONT STYLE="white-space:nowrap">re-energize</FONT> growth and further build on its competitive position in the
sporting goods retail sector across its western United States footprint. Big 5 will remain an independent company within the Capitol Hill Group portfolio and leverage the combined resources of the partnership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As we move through the closing process, it will be business as usual. Looking forward, we anticipate working with the Capitol Hill and Worldwide team to
leverage synergistic opportunities to enhance our merchandising and marketing capabilities, ultimately better serving our valued customers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please refer
to the attached press release for more details on Worldwide Golf and Capitol Hill Group. Note that the transaction is subject to certain closing conditions, including the approval of Big 5&#146;s stockholders, and is expected to close in the second
half of 2025, subject to the satisfaction of those conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We wish to express our appreciation to all our merchandise vendors for your support and
partnership. We look forward to building on our past success and growing our relationship in the future. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Best regards,</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">/s/ Steven G. Miller</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">/s/ Boyd O. Clark</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Steven G. Miller</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Boyd O. Clark</TD></TR>
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<TD VALIGN="top">President&nbsp;&amp; CEO</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">EVP, Chief Merchandising Officer</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication contains &#147;forward-looking statements&#148; within the meaning of the federal securities laws, including safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, Section&nbsp;27A of the Securities Act of 1933, as amended, and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended. All statements contained in this communication that do not relate
to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the proposed acquisition of Big 5 Sporting Goods Corporation (&#147;Big 5&#148;) and the expected timing thereof. In
some cases, you can identify forward-looking statements by terms such as &#147;aim,&#148; &#147;anticipate,&#148; &#147;approach,&#148; &#147;believe,&#148; &#147;contemplate,&#148; &#147;could,&#148; &#147;estimate,&#148; &#147;expect,&#148;
&#147;goal,&#148; &#147;intend,&#148; &#147;look,&#148; &#147;may,&#148; &#147;mission,&#148; &#147;plan,&#148; &#147;possible,&#148; &#147;potential,&#148; &#147;predict,&#148; &#147;project,&#148; &#147;pursue,&#148; &#147;should,&#148;
&#147;target,&#148; &#147;will,&#148; &#147;would,&#148; or the negative thereof and similar words and expressions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Forward-looking statements are based
on Big 5, Worldwide Golf and Capitol Hill Group&#146;s management&#146;s current expectations, estimates, projections, beliefs and assumptions made by Big 5, Worldwide Golf and Capitol Hill Group, all of which are subject to change. All
forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond Big 5, Worldwide Golf and Capitol Hill Group&#146;s control, and are not guarantees of future results. These and other
forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements and you should not
place undue reliance on any such statements, and caution must be exercised in relying on forward-looking statements. The following factors could cause actual results and future events to differ materially from those set forth or contemplated in the
forward-looking statements: (i)&nbsp;the proposed merger may not be completed in a timely manner or at all or that the approval of Big 5&#146;s stockholders is not obtained; (ii)&nbsp;the failure to realize the anticipated benefits of the proposed
merger; (iii)&nbsp;the possibility that competing offers or acquisition proposals for Big 5 will be made; (iv)&nbsp;the possibility that any or all of the various conditions to the consummation of the merger may not be satisfied or waived;
(v)&nbsp;the occurrence of any event, change or other circumstance that could give rise to the termination of the merger, including in circumstances which would require Big 5 to pay a termination fee or other expenses; (vi)&nbsp;the effect of the
announcement or pendency of the merger on Big 5, Worldwide Golf or Capitol Hill Group&#146;s ability to retain and hire key personnel, or their respective operating results and business generally; (vii)&nbsp;there may be liabilities related to the
merger that are not known, probable or estimable at this time or unexpected costs, charges or expenses; (viii)&nbsp;the merger may result in diversion of Big 5, Worldwide Golf or Capitol Hill Group&#146;s management&#146;s time and attention to
issues relating to the merger; (ix)&nbsp;there may be significant transaction costs in connection with the merger; (x)&nbsp;legal proceedings or regulatory actions may be instituted against Big 5, Worldwide Golf or Capitol Hill Group following the
announcement of the merger, which may have an unfavorable outcome; (xi)&nbsp;Big 5&#146;s stock price may decline significantly if the merger is not consummated; (xii)&nbsp;the ability of Worldwide Golf and Capitol Hill Group to integrate and
implement their respective plans, forecasts and other expectations with respect to Big 5&#146;s business after the completion of the proposed transaction and realize additional opportunities for growth and innovation; (xiii)&nbsp;Big 5, Worldwide
Golf and Capitol Hill Group&#146;s ability to implement their respective business strategies; (xiv)&nbsp;the risks related to Worldwide Golf and Capitol Hill Group&#146;s financing of the </P>
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proposed transaction; and (xv)&nbsp;the unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities or current or future
pandemics or epidemics, as well as Big 5, Worldwide Golf and Capitol Hill Group&#146;s response to any of the aforementioned factors. In addition, a number of other important factors could cause Big 5&#146;s actual future results and other future
circumstances to differ materially from those expressed in any forward-looking statements, including but not limited to those important factors discussed under the headings &#147;Forward-Looking Statements,&#148; &#147;Risk Factors&#148; and other
sections of Big 5&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for its fiscal year ended December&nbsp;29, 2024, Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q,</FONT> Current Reports on Form <FONT
STYLE="white-space:nowrap">8-K</FONT> and other filings made by Big 5, each as filed with the Securities and Exchange Commission (&#147;SEC&#148;), as such factors may be updated from time to time in Big 5&#146;s other filings with the SEC,
accessible on the SEC&#146;s website at www.sec.gov and the Investor Relations section of Big 5&#146;s website at https://www.big5sportinggoods.com/store/company/investorrelations. These risks should not be considered a complete statement of all
potential risks and uncertainty, and are discussed more fully, along with other risks associated with the proposed transaction, in the Proxy Statement (as defined below) to be filed with the SEC in connection with the proposed transaction. Unlisted
factors may present significant additional obstacles to the realization of forward-looking statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All forward-looking statements are expressly
qualified in their entirety by such factors. Except as required by law, Big 5 does not undertake any obligation to publicly update or review any forward-looking statement, whether because of new information, future developments or otherwise. These
forward-looking statements should not be relied upon as representing Big 5&#146;s views as of any date subsequent to the date of this communication. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Additional Information </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication may be deemed
solicitation material in respect of the proposed acquisition of Big 5. A special stockholder meeting will be announced soon to obtain stockholder approval in connection with the proposed merger. Big 5 expects to file with the SEC a proxy statement
(the &#147;Proxy Statement&#148;), the definitive version of which will be sent or provided to Big 5 stockholders, and other relevant documents in connection with the proposed merger. This document is not a substitute for the Proxy Statement or any
other document which Big 5&nbsp;may file with the SEC. Investors and securityholders of Big 5 are urged to read the Proxy Statement and other relevant materials carefully and in their entirety when they become available because they will contain
important information about the Company and the proposed merger. Investors may obtain a free copy of these materials (when they are available) and other documents filed by Big 5 with the SEC at the SEC&#146;s website at www.sec.gov and at Big
5&#146;s website at https://www.big5sportinggoods.com/store/company/investorrelations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Participants in the Solicitation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Big 5 and certain of its directors, executive officers and other members of management and employees, under SEC rules, may be deemed to be participants in
soliciting proxies from its stockholders in connection with the proposed merger. Information regarding Big 5&#146;s directors and executive officers, including a description of their direct interests, by security holdings or otherwise, is contained
in Big 5&#146;s proxy </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g933706g0630025943079.jpg" ALT="LOGO" STYLE="width:3.27708in;height:0.561806in;">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
statement for its 2025 annual meeting of stockholders (the &#147;Annual Meeting Proxy Statement&#148;), which was filed with the SEC on April&nbsp;23, 2025, and will be set forth in the Proxy
Statement and other materials to be filed with the SEC in connection with the proposed transaction (if and when they become available). To the extent holdings of Big 5&#146;s securities by its directors or executive officers have changed since the
amounts set forth in the Annual Meeting Proxy Statement, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Beneficial Ownership on Form 4 filed with the SEC. Additional information
regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be included in the Proxy Statement relating to the proposed transaction when it is filed with the SEC. Investors and
security holders may obtain free copies of these documents using the sources indicated above. </P>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
