Glaucus Research is Short Fullshare Holdings Glaucus Research is Short Fullshare Holdings

Glaucus Research is Short Fullshare Holdings

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We are investors. We are biased. So are other investors. So are the banks that raised money for the companies we discuss. If you are invested (either long or short) in a company we discuss, so are you. Just because we are biased does not mean that we are wrong. We, like everyone else, are entitled to our opinions and to the right to express such opinions in a public forum. We have a good faith basis for our opinions, and we believe that the publication of our opinions about the public companies we research is in the public interest.

Our reports are biased opinion pieces. Obviously, if we are short a stock, we stand to make money if the price of the company’s stock declines. If we are long a stock, we stand to make money if the price of the company’s stock rises. Like any investor, we attempt to maximize potential gains and minimize potential losses consistent with our risk tolerance on a case-by-case basis. That means that, depending on market conditions, we may exit or enter our position at any time for any reason.

Our reports and all statements contained in our reports are solely the opinion of BOC Texas, LLC, a Texas limited liability company, and are not statements of fact. Our opinions are held in good faith, and we have based them upon publicly available evidence, which we set out in our research report to support our opinions. We conducted research and analysis based on public information in a manner that any person could have done if they had been interested in doing so. In most instances, you can publicly access any piece of evidence cited in our reports or that we relied on to write any of our reports. Think critically about our reports and do your own homework before making any investment decisions. We are prepared to support everything we say, if necessary, in a court of law.

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To the extent that we may expressly or implicitly suggest that a company is misvalued, that does not mean that we will continue to hold securities of the company until the company’s stock price reaches any specific valuation. We try hard to think about valuations in a smart and non-arbitrary way, and sometimes we succeed. But our valuations, like all other valuations (including yours), are entirely and hopelessly subjective and constantly subject to change based on a number of external factors, including market conditions, our risk appetite, portfolio considerations, and investor sentiment. Our valuations are merely an indicative opinion of good faith analysis at a snapshot in time and can change, for any reason, including our risk tolerance, at any moment. We will not update the market on any valuation. In our opinion, no investor can hope to exit a position at a specific target valuation, because markets and prices are always changing, so readers should never assume that we will trade or hold to any price based on the valuation. Our trading is influenced by a multitude of factors, including market conditions and our own risk tolerance and parameters.

Following publication of a report, we intend to continue transacting in the securities we cover, and we may be long, short, or neutral at any time thereafter regardless of our initial opinion. We can and will trade our underlying position, including exiting in whole or in part, at any time for any reason, including market conditions and risk management. You should not assume any minimum holding period. This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction. To the best of our ability and belief, all information contained in our reports is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. As is evident by the contents of our research and analysis, we expend considerable time and attention in an effort to ensure that our research analysis and written materials are complete and accurate. We strive for accuracy and completeness to support our opinions, and we have a good-faith belief in everything we write, however, all such information is presented “as is,” without warranty of any kind– whether express or implied.

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Our reports should only be considered in their entirety. Each section should be read in the context of the entire report, and no section, paragraph, sentence or phrase is intended to stand alone or to be interpreted in isolation without reference to the rest of the report. The section headings contained in our reports are for reference purposes only and may only be considered in conjunction with the detailed statements of opinion in their respective sections.

BOC Texas, LLC makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. All expressions of opinion are subject to change without notice, and BOC Texas, LLC does not undertake a duty to update or supplement any report or any of the information contained therein. By downloading and opening any of our reports, you knowingly and independently agree: (i) that any dispute arising from your use of a report or viewing the material therein shall be governed by the laws of the State of Texas, without regard to any conflict of law provisions; (ii) to submit to the personal and exclusive jurisdiction of the superior courts located within the State of Texas and waive your right to any other jurisdiction or applicable law, given that BOC Texas, LLC is a Texas limited liability company that operates in Texas; and (iii) that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of this website or the material therein must be filed within one (1) year after such claim or cause of action arose or be forever barred. The failure of BOC Texas, LLC to exercise or enforce any right or provision of this disclaimer shall not constitute a waiver of this right or provision. If any provision of this disclaimer 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 provision and rule that the other provisions of this disclaimer remain in full force and effect, in particular as to this governing law and jurisdiction provision.

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April 25, 2017

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