On January 26, 2023, Morgan Dempsey Capital Management, LLC announced that it has engaged in communications with Polished.com Inc.'s chief executive officer, chief financial officer, and several members of the board of directors. Morgan Dempsey stated that it presently has no desire to change the composition of the Company's executive management or its board of directors. Morgan Dempsey further disclosed that its shares were voted in favor of all nine director nominees in the annual meeting of shareholders held on January 19, 2023.

Morgan Dempsey stated that within the past 10 business days, it has reached a research conclusion and believe that, as a result of its ongoing analysis, the ideal way to optimize value for all shareholders in the current environment is a prompt sale of the Company to a strategic or financial acquirer in a private-market context. In addition, Morgan Dempsey stated that it urged the Company to engage a well-regarded investment bank to solicit offers that will establish and then realize the fairest value for shareholders given the uncertain financial market and macroeconomic circumstances extant at this time.