Pelican Way Research

Financial Disclaimer

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 may make money if the price of the covered issuer's stock declines. Important Disclosures — Positions and Third Party Relationships. This publication reflects the opinions of Pelican Way Research and is for informational purposes only. It is not investment advice or a recommendation to buy, hold, or sell any security. Pelican Way Research has a financial relationship with one or more unaffiliated third parties (the "Third Parties"). In connection with that relationship, Pelican Way Research is entitled to compensation that is contingent upon, and determined by reference to, the Third Parties' trading profits in the securities of the covered issuer; accordingly, Pelican Way Research has an indirect economic interest in the price performance of those securities. As of the date and time of publication of any report, you should assume that the Third Parties hold positions in, or derivatives linked to, the securities of the covered issuer, and that Pelican Way (possibly along with or through our members, partners, affiliates, employees, and/or consultants), along with our clients and/or investors, may also directly or indirectly hold positions in, or derivatives linked to, those securities, and is short such securities unless otherwise stated in the applicable report. You should further assume that, upon or promptly after publication, the Third Parties and/or Pelican Way will cover (close) all or a substantial portion—possibly the entirety—of any short positions in the covered issuer. This does not reflect a lack of conviction, but is a matter of prudent risk management. The Third Parties and Pelican Way may establish, increase, reduce, close, or reverse positions in the securities of the covered issuer at any time before, on, or after publication, regardless of the opinions expressed, and may continue transacting in such securities for an indefinite period—and may be short, long, or flat at any time, regardless of any initial position. Accordingly, you should assume that some or all of any short position may have been closed by the time you read a report, and that neither Pelican Way nor the Third Parties is likely to increase any short position unless doing so is determined to be financially beneficial. Neither Pelican Way Research nor the Third Parties is under any obligation to update any publication or to disclose any change in 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. 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. Statements of fact are believed accurate as of the date of the applicable report and are based on publicly available information; all other statements are statements of opinion. We do not provide "price targets," though we may express our opinion of what we believe a security is worth; any opinion of value reflects only Pelican Way Research's own view. 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. 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. 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. This document may not be reproduced or disseminated in whole or in part without the prior written consent of Pelican Way Research LLC.