As of the publication date of a NINGI Research’s report, NINGI Research Related Persons (along with or through its members, partners, affiliates, employees, and/or consultants), clients, and investors, and/or their clients and investors have a short position in the securities of a Covered Issuer (and options, swaps, and other derivatives related to these securities), and therefore will realize significant gains in the event that the prices of a Covered Issuer’s securities decline. NINGI Research and NINGI Research Related Persons are likely to continue to transact in Covered Issuers’ securities for an indefinite period after an initial report on a Covered Issuer, and such position(s) may be long, short, or neutral at any time hereafter regardless of their initial position(s) and views as stated in the NINGI Research’s research.
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NINGI Research Related Person is defined as: NINGI Research and its affiliates and related parties, including, but not limited to, any principals, officers, directors, employees, members, clients, investors, consultants, and agents. One or more NINGI Research Related Persons have provided NINGI Research with publicly available information that NINGI Research has included in this report, following NINGI Research’s independent due diligence.