TERMS OF SERVICE

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We are investors. We are biased. So are other investors. So are the companies we discuss. So are the banks that raised money for such companies. If you are invested (either long or short) in a company, 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 believe that the publication of our opinions and the underlying basis for such opinions is in the public interest.

You agree that use of Glaucus Research California LLC’s (“Glaucus”) research is at your own risk. In no event will you hold Glaucus or any affiliated party liable for any direct or indirect trading losses caused by any information on this site. You further agree to do your own research and due diligence before making any investment decision with respect to securities covered herein. You represent to Glaucus that you have sufficient investment sophistication to critically assess the information, analysis and opinion on this site. You further agree that you will not communicate the contents of this report to any other person unless that person has agreed to be bound by these same Terms of Service. If you download or receive the contents of this report as an agent for any other person, you are binding your principal to these same Terms of Service.  You agree and acknowledge that the materials, opinions and contents available on this website (or any other Glaucus social media platform, including Twitter, Tinder, Instagram, Snapchat or Facebook), are not investment recommendations and are indeed not recommendations of any kind.

This website contains solely our investment opinions.  We are invested behind our investment opinions.  Material on this website and all statements contained therein are solely the opinion of Glaucus Research Group California, LLC, and are not statements of fact. Our opinions are held in good faith, and we have based them upon publicly available evidence collected and analyzed, which we set out in our research reports to support our opinions. We conduct research and analysis based on public information in a manner that any person could have done if they had been interested in doing so. You can publicly access any piece of evidence cited in on our website or that we relied on to write our repots.  Think critically about our reports and do your own homework before making any investment decisions.

You should assume that as of the publication date of our reports and research, Glaucus (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors and/or their clients and/or investors has an investment position in all stocks (and/or options, swaps, and other derivatives related to the stock) and bonds covered therein (either long or short depending on our investment opinion), and therefore stands to realize significant gains in the event that the price of changes in conjunction with our investment opinion. We intend to continue transacting in the securities of issuers covered on this site for an indefinite period after our first report, and we may be long, short, or neutral at any time hereafter regardless of our initial investment opinion.

Nothing contained on this website is an offer to sell or a solicitation of an offer to buy any security, nor shall Glaucus offer, sell or buy any security to or from any person through this site or reports on this site. Glaucus, LLC is not registered as an investment advisor in any jurisdiction.  The content and materials contained on this website are provided for information purposes only and nothing contained therein is investment advice nor should it be construed as such.  Prior to making any investment or hiring any investment manager you should consult with professional financial, legal and tax advisors to assist in due diligence as may be appropriate and determining the appropriateness of the risk associated with a particular investment.  Users of the Glaucus website and any material contained therein shall not use the site at any time for any purpose that is unlawful or prohibited and shall comply with any applicable local, state, national or international laws or regulations when using the site.

Our reports are currently not available to Australian residents.  Our reports and its contents are not intended to be and do not constitute or contain any financial product advice as defined in the Australian Corporations Act 2001 (Cth). Because our reports have been prepared without consideration of any specific clients investment objectives, financial situation or needs, no information in our reports should be construed as recommending or suggesting an investment strategy. Investors should seek their own financial, legal and tax advice in respect of any decision regarding any securities discussed herein.  At this time, because of ambiguity in Australian law, we are restricting access to our reports by Australian residents.  Australian residents are encouraged to contact their lawmakers to clarify the ambiguity under Australian financial licensing requirements.

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.

Our research and reports express solely our opinions, which we have based upon generally available information, field research, inferences and deductions through our due diligence and analytical process. To the best of our ability and belief, all information contained herein 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 herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. However, such information is presented “as is,” without warranty of any kind, whether express or implied. Glaucus 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 Glaucus does not undertake to update or supplement any reports or any of the information, analysis and opinion contained in them.

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: http://www.glaucusresearch.com or a sublink to a specific report. If you have obtained a Glaucus research report in any manner other than by download from such links, you may not read such research without going to that link and agreeing to the Terms of Service. You further agree that any dispute arising from your use of this report and / or the Glaucus Research website or viewing the material hereon shall be governed by the laws of the State of California, without regard to any conflict of law provisions. You knowingly and independently agree to submit to the personal and exclusive jurisdiction of the superior courts located within the State of California and waive your right to any other jurisdiction or applicable law, given that Glaucus, LLC has offices in California. The failure of Glaucus, LLC to exercise or enforce any right or provision of these Terms of Service shall not constitute a waiver of this right or provision. If any provision of these Terms of Service 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 these Terms of Service remain in full force and effect, 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 use of this website or the material herein must be filed within one (1) year after such claim or cause of action arose or be forever barred.

Glaucus and the terms, logos and marks included on this website that identify Glaucus services and products are proprietary materials.  Copyright in the pages and in the screens of this website, and in the information and material therein, is proprietary material owned by Glaucus unless otherwise indicated. Unless otherwise noted, all information provided on this site is provided by Glaucus and is subject to copyright and trademark laws.  Logos and marks contained in links to third party sites belong to their respective owners.

Any links from our site or our reports are provided for viewer convenience.  Glaucus is not associated or affiliated with any linked sites.  Independent providers have prepared all information accessible through these links.