Pelican Way Research

Please be advised that the reports on this website have been prepared by Pelican Way Research LLC (“Pelican Way Research” or “PWR” or “we” or “us”). Pelican Way Research is an online research publication that produces due diligence-based reports on publicly traded securities. Pelican Way Research is not currently registered with the U.S. Securities and Exchange Commission. None of our trading or investing information, including the Content, PWR Emails, Research Reports, and/or content or communication (collectively, "Information") provides individualized trading or investment advice and should not be construed as such.

The reports on this website are the property of Pelican Way Research. Pelican Way Research and its affiliates and related parties—including but not limited to any principals, officers, directors, employees, members, clients, investors, consultants, and agents—are collectively referred to herein as “Pelican Way.”

We publish Information regarding certain stocks, options, futures, bonds, derivatives, commodities, currencies, and/or other securities (collectively, "Securities") that we believe may interest our users (“Pelican Way Offerings”). You are reading a short-biased opinion piece. Obviously, we will make money if the price of the covered issuer’s stock declines.

As of the time and date of this report, Pelican Way is short the securities of, or the derivatives linked to, the securities of subject issuer (each, a "covered issuer"), unless otherwise stated in this report.

Upon publication, we generally begin covering a substantial portion of our short positions. This does not reflect a lack of conviction, but is a matter of prudent risk management.

Pelican Way may continue transacting in the securities of the Covered Issuer for an indefinite period after publication, and we may be short, long, or flat at any time—regardless of our initial position.

The Information is provided solely for informational purposes. Pelican Way does not solicit the purchase or sale of any Securities mentioned herein, and nothing in the Pelican Way Offerings should be interpreted as such.

This is not a recommendation to buy, hold, or sell any security. Trading in Securities involves risk and volatility. Past performance does not guarantee future results.

The Information represents our opinion based on publicly available information, field research, and analysis.

We do not provide “price targets,” though we may express our opinion of what we believe a security is worth. We may not maintain positions until a security reaches our stated valuation, nor do we necessarily initiate or exit positions at specific price levels.

Opinions may change over time. Varying opinions may exist within Pelican Way Research or across reports. We do not commit to updating reports or positions.

All Information is presented “as is,” “as available,” without warranty of any kind. We believe our sources are reliable and not insiders, but we cannot guarantee accuracy, timeliness, or completeness.

The Information may include “Forward-Looking” statements under the Private Securities Litigation Reform Act of 1995. These involve risks and uncertainties and are only current as of the date made. We are not obligated to update such statements.

You acknowledge and agree that you use Pelican Way Information at your own risk.

Pelican Way and its affiliates are not liable for any direct or indirect trading losses arising from reliance on the Information. You agree to perform your own due diligence and confirm that you possess sufficient investment sophistication to evaluate the material.

We are not your financial advisor and do not offer personalized investment advice. You should consult your financial, legal, and tax advisors before acting on any Information presented by or through Pelican Way Offerings.

You may not redistribute this material to any third party unless they are bound by these same terms and disclaimers.

If you receive this Information as an agent or on behalf of a third party, you are responsible for ensuring that party is also bound by these terms. Unless otherwise stated, you should assume Pelican Way has a financial interest in the securities discussed and may benefit if the price of those securities moves in line with our thesis.

We believe all sources cited—including former employees, experts, and whistleblowers—are credible, but they may be biased, financially interested, or hold grudges against past employers. In some cases, we may compensate sources via flat fees or profit-sharing. In certain whistleblower scenarios, we may share in potential recovery awards.

We intend to continue transacting in these securities indefinitely and may be long, short, or neutral at any time.

Therefore, you should assume that we may have already closed some or all of our short position by the time you read the report, and that we are unlikely to increase our short position unless we determine it is financially beneficial to do so.