Disclaimer

By accessing, downloading, or viewing any content on this website or any research published by Umibōzu Research ("Umibōzu," "we," or "us"), including reports, posts, and other materials (together, "Content"), you agree to be bound by these Terms of Service. You use Content entirely at your own risk. In no event shall Umibōzu or its officers, directors, employees, consultants, agents, or affiliated entities (the "Umibōzu Affiliates") be liable for any direct, indirect, incidental, special, or consequential losses or damages arising from or related to your use of, or reliance upon, any Content.

Content expresses the opinions of Umibōzu. Unless a report states otherwise, you should assume it is a short-biased opinion piece. Umibōzu's research is based on publicly available information, field and online research, and inferences and deductions derived through due diligence and analysis. Umibōzu believes that the information in its Content is obtained from reliable sources, that the statements set forth therein are accurate, and that no material non-public information is received from any person under a duty of confidentiality. Nonetheless, all Content is provided "as is," and Umibōzu makes no representation or warranty, express or implied, as to the accuracy, timeliness, or completeness of any Content or the results to be obtained from its use. Opinions and conclusions are subject to change without notice, and, except as required by applicable law, Umibōzu has no obligation to update, supplement, or correct any Content, whether to reflect changes in its positions or for any other reason.

You should assume that, in connection with any report, Umibōzu has entered into an agreement with an unaffiliated third party (the "Capital Provider") under which Umibōzu issues the Capital Provider advance notice of the report and its contents and, in exchange, is entitled to a share of the Capital Provider's trading profits in the securities of the covered issuer. Any such compensation would be contingent upon, and determined by reference to, those trading profits. You should therefore assume that Umibōzu has an indirect economic interest in the price of the covered issuer's securities, in addition to any position it holds directly. Umibōzu does not control, and will not control, the trading of the Capital Provider or of any other person with which it has an agreement relating to a report; any such person makes its own independent trading decisions, and Umibōzu does not direct when or whether it establishes, increases, reduces, closes, or reverses any position. Neither Umibōzu nor the Capital Provider is under any obligation to disclose any change in position, except as required by applicable law.

More generally, Umibōzu may conduct research, publish opinions, or provide research-related services in connection with arrangements with one or more investment funds, managed accounts, family offices, proprietary trading vehicles, or other capital partners that may hold, establish, increase, decrease, hedge, or close positions in securities discussed in Content before, at, or after publication, and Umibōzu and the Umibōzu Affiliates may receive compensation from such persons based, in whole or in part, on trading profits, realized or unrealized gains, fees, incentive allocations, or other economic results relating to those securities. These arrangements create material conflicts of interest and may give Umibōzu incentives that differ materially from, or are directly adverse to, your interests. Before publication, Umibōzu may share drafts, findings, analysis, data, or conclusions with the Umibōzu Affiliates, consultants, legal advisers, members of the media, the Capital Provider, or other persons or entities that may have financial interests in the securities discussed; such persons may trade before, during, or after publication, and their trading may differ from the views expressed in Content.

Umibōzu acts as an activist short selling firm and a consultant to unaffiliated third parties. Unless a report states otherwise, you should assume that, as of its publication date, Umibōzu, the Umibōzu Affiliates, and/or the Capital Provider hold, directly or indirectly, short positions in the equity, debt, derivatives, or other securities of the issuers discussed and stand to realize material gains if the prices of those securities decline. Where a report states that it is long-biased, you should assume the converse: that such persons hold long positions in the issuers discussed and stand to realize material gains if the prices of those securities rise. You should further assume that, upon or promptly after publication, possibly on the day or even the hour of publication, Umibōzu, the Umibōzu Affiliates, and/or the Capital Provider will cover all or a substantial portion, possibly the entirety, of any such position, whether for risk management, liquidity, borrow cost, volatility, opportunity cost, or other reasons; this reflects prudent risk management, not any lack of conviction in Umibōzu's opinions. Umibōzu, the Umibōzu Affiliates, and the Capital Provider may buy, sell, cover, or otherwise transact in such securities at any time, before, at, or after publication, for any reason and regardless of any opinion, valuation, or view expressed in any Content, and may be long, short, or neutral at any point. Accordingly, some or all of any position may have been closed by the time you read any report.

Content may cite sources, including former employees, industry experts, and other persons. Umibōzu believes all such sources are credible, but they may be biased, may be financially interested, or may hold grievances against the companies or persons discussed, and you should weigh the possibility of source bias in evaluating the information presented. To protect the anonymity of its sources, Umibōzu may describe them by generalized titles, omit or alter identifying details, and redact portions of their statements; such changes are not intended to alter the substance of what was said. In certain cases, Umibōzu may compensate sources, whether through flat fees or other arrangements.

Content is not an offer to sell or a solicitation of an offer to buy any security, and Umibōzu does not offer, sell, or purchase any security through any Content. Umibōzu is not a registered investment adviser, has no advisory, fiduciary, or other duty to you, and does not provide investment advice to any person absent a written advisory agreement. Investment advice requires knowledge of an individual's financial circumstances, objectives, and risk tolerance, and Umibōzu has no such knowledge about you. Content should never be construed as a recommendation to buy, sell, short, or otherwise trade any security. Umibōzu does not provide price targets. An opinion of value is not a price target, and Umibōzu does not purport to predict how the market may value a security. Any view expressed in Content about what a security may be worth, or any other forward-looking statement, reflects only Umibōzu's opinion, involves uncertainty and risk, may be rendered inaccurate by erroneous assumptions, imperfect methodologies, or unforeseen events, and does not imply that Umibōzu, the Umibōzu Affiliates, or the Capital Provider will hold any position until any price level is reached.

You agree not to treat Content as a substitute for your own independent judgment and research, and that any investment decision you make is solely your own. To the extent you deem appropriate, you should seek guidance from qualified financial, legal, or investment professionals before acting.

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