As of the publication date of this report, Kerrisdale Capital Management LLC and its affiliates (collectively “Kerrisdale”), others that contributed research to this report and others that we have shared our research with (collectively, the “Investors”) have short positions in and may own options on the stock of the company covered herein and stand to realize gains in the event that the price of the stock decreases. Following publication of the report, the Investors may transact in the securities of the company covered herein. All content in this report represent the opinions of Kerrisdale. Kerrisdale has obtained all information herein from sources they believe to be accurate and reliable. However, such information is presented “as is,” without warranty of any kind – whether express or implied.
This document is for informational purposes only and is not intended as an official confirmation of any transaction. All market prices, data and other information are not warranted as to completeness or accuracy, are based upon selected public market data, and reflect prevailing conditions and Kerrisdale’s views as of this date, all of which are accordingly subject to change without notice. Kerrisdale has no obligation to continue offering reports regarding the company. Reports are prepared as of the date(s) indicated and may become unreliable because of subsequent market or economic circumstances.
Any investment involves substantial risks, including, but not limited to, pricing volatility, inadequate liquidity, and the potential complete loss of principal. This report’s estimated fundamental value only represents a best efforts estimate of the potential fundamental valuation of a specific security, and is not expressed as, or implied as, assessments of the quality of a security, a summary of past performance, or an actionable investment strategy for an investor.
This document does not in any way constitute an offer or solicitation of an offer to buy or sell any investment, security, or commodity discussed herein, or any security in any jurisdiction in which such an offer would be unlawful under the securities laws of such jurisdiction; or of any of the affiliates of Kerrisdale.
The information contained in this document may include, or incorporate by reference, forward-looking statements, which would include any statements that are not statements of historical fact. These forward-looking statements may turn out to be wrong and can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors, most of which are beyond the Kerrisdale’s control. Investors should conduct independent due diligence, with assistance from professional financial, legal and tax experts, on all securities, companies, and commodities discussed in this document and develop a stand-alone judgment of the relevant markets prior to making any investment decision.