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Terms of Use

The reports on this website have been prepared by Muddy Waters, LLC (“Muddy Waters Research” or “we” or “us”).  Muddy Waters Research is under common control and affiliated with Muddy Waters Capital LLC (“Muddy Waters Capital”). Muddy Waters Research is an online research publication that produces due diligence-based reports on publicly traded securities, and Muddy Waters Capital LLC is an investment adviser registered with the U.S. Securities and Exchange Commission.  The reports on this website are the property of Muddy Waters Research.  Muddy Waters Research and Muddy Waters Capital, collectively their respective affiliates and related parties, including, but not limited to any principals, officers, directors, employees, members, clients, investors, consultants and agents, are referred herein to as “Muddy Waters”.

As of the time and date of each report, Muddy Waters (defined below) is short the securities of, or derivatives linked to, the securities of the subject issuer (each, a “Covered Issuer”), unless otherwise stated in the report.  Upon the publication of each report, we intend to begin covering a substantial majority of our short positions.  Our risk reduction is not a reflection of a lack of conviction in our opinions or the facts presented; rather, it has to do with managing risk in a manner that is prudent for a fiduciary of our investors’ money.

Muddy Waters will continue transacting in the securities of Covered Issuer for an indefinite period after a report on a Covered Issuer, and we may be net short, net long or flat positions in the Covered Issuer’s securities after the initial publication of a report, regardless of our initial position and views herein.

We are a “for profit” journalistic organization with a non-traditional revenue model – rather than accepting advertising money or subscriptions, we finance our journalism through taking positions in the securities of companies on which we report. This revenue model enables us to report in great depth on a limited number of investigations, and also entails our taking significant financial risk on behalf of ourselves and our clients.  In order to manage risk, we must close open positions as we deem prudent. We do not provide “price targets”, although we may express our opinion of what the security is worth.  An opinion of the value of a security differs from a price target in that we do not purport to have any insight as to how the market as a whole might value a security – we can only speak for how we, ourselves, view its value. We therefore do not hold a position until it reaches a certain price target, nor do we hold positions until they reach the price at which we have expressed a valuation opinion. There are numerous factors that enter into investment decisions aside from opinions of the value of the security, including without limitation, the borrow cost of a shorted security, the potential for a “short squeeze”, prudent risk sizing relative to capital and volatility, reduced information asymmetry, the opportunity cost of capital, client expectations, the ability to hedge market risk, our perception of the efficacy of market regulators and gatekeepers, our perception of the resource imbalance between us and Covered Issuers, and our moods and gut feelings. Therefore, you should assume that upon publication of a report, we will, or have begun to, close a substantial portion – possibly the entirety – of our positions in the Covered Issuer’s securities.

We are not providing you with a recommendation to buy or sell securities of a Covered Issuer.  We are articulating our reasons at the time of publication we have positions in the securities of a Covered Issuer.

We have no duty or obligation to update reports on this website or update you on the size or direction of any position we hold in a Covered Issuer.  We do not provide investment advice to any person, unless our affiliate has entered into an investment adviser-client relationship with that person in writing.

All information and opinions set forth herein are for informational purposes only.  Under no circumstances should any information or opinions herein be construed as investment advice, as an offer to sell, or the solicitation of an offer to buy any securities or other financial instruments.

The reports on this website are opinion journalism. We are providing our journalistic opinions about issues of concern to the general public. The opinions, information, and reports set forth herein are solely attributable to Muddy Waters Research.  Before making any investment decision, you should do your own research and due diligence before making any investment decision with respect to securities of or derivatives linked to the Covered Issuer.

The reports on this website represent the views of Muddy Waters Research only and is based on publicly available information. To the best of our knowledge, all information contained herein is accurate and reliable and has been obtained from publicly available sources that we believe to be accurate and reliable. The information presented herein is “as is,” without warranty of any kind, whether express or implied. The reports on this website contain a large measure of analysis and opinion. All expressions of opinion are subject to change without notice.

If you are in the United Kingdom, you confirm that you are accessing research and materials as or on behalf of: (a) an investment professional falling within Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FPO”); or (b) high net worth entity falling within Article 49 of the FPO (each a “Permitted Recipient”). In relation to the United Kingdom, the research and materials on this website are being issued only to, and are directed only at, persons who are Permitted Recipients and, without prejudice to any other restrictions or warnings set out in these Terms of Use, persons who are not Permitted Recipients must not act or rely on the information contained in any of the research or materials on this website.

By downloading from, or viewing material on this website, you agree to the following Terms of Use:

-You agree that your use of the research on this website is at your own risk.

-Muddy Waters shall not be liable for any claims, losses, costs, or damages of any kind, including direct, indirect, punitive, exemplary, incidental, special or consequential damages, arising out of or in any way connected with the reports on this website. This limitation of liability applies regardless of any negligence or gross negligence of Muddy Waters. You accept all risks in relying on the information and opinions in a report on this website.

-You agree that any dispute between you and Muddy Waters arising from or related to this presentation shall be governed by the laws of the State of Texas, without regard to any conflict of law provisions. You knowingly and independently agree to submit to the personal and exclusive jurisdiction of the state and federal courts located in Austin, Texas and waive your right to any other jurisdiction or applicable law, given that Muddy Waters are based in Austin, Texas.

-The failure of Muddy Waters to exercise or enforce any right or provision herein shall not constitute a waiver of such right or provision. If any provision of these terms of use is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties’ intentions as reflected in the other provisions set forth herein, in particular as to this governing law and jurisdiction provision.

-You agree and understand that, by the time you read a report on this website, we may be covering or have already covered (i.e., bought back) our short position, and we are unlikely to increase our short positions unless it is in our financial interest to do so. You should not make any investment decision based your interpreted view of our positioning in the Covered Issuer’s securities.

-You further agree that you will not communicate the contents of reports and other materials on this site to any other person unless that person has agreed to be bound by these Terms of Use. If you access this website, download or receive the contents of reports or other materials on this website on your own behalf, you agree to and shall be bound by these Terms of Use. If you access this website, download or receive the contents of reports or other materials on this website as an agent for any other person, you are binding your principal to these same Terms of Use.

-You agree that the information on this website is copyrighted, and you therefore agree not to distribute this information (whether the downloaded file, copies / images / reproductions, or the link to these files) in any manner other than by providing the following link: https://www.muddywatersresearch.com/research/. If you have obtained research published by Muddy Waters in any manner other than by download from that link, you may not use that research without agreeing to the Terms of Use.

-If any provision of these Terms of Use is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties’ intentions as reflected in the other provisions set forth herein, in particular as to this governing law and jurisdiction provision. You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to this presentation must be filed within one (1) year after the occurrence of the alleged harm that gave rise to such claim or cause of action, or such claim or cause of action be forever barred.