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© 2022 (Valens Research LLC, Valens Credit LLC, Valens Securities, Equity Analysis & Strategy and Altimetry Research and/or its licensors, predecessors, successors, parent or sister companies, subsidiaries, affiliates, officers, directors, shareholders, investors, employees, agents, representatives, and attorneys and their respective heirs, successors, and assigns hereinafter referred to as theValens”). All rights reserved.

Credit, stock, business, equity, asset and asset allocation, income and outcome, growth, liquid, investment, spending, income, cash, and cash flow or any kind of analyses hereby issued by Valens and all of the products shown or offered by way of subscription, registration or any kind of payment to Valens (“Valens’ Analyses”) are Valens’ current opinions of the relative future credit or personal asset and asset allocation risks, business, equity and other related assets of the relevant persons, entities, credit commitments, or debt or debt-like securities, credit, business and risk analyses, and research publications published or soon to be published or shared by or within association with Valens (“Valens Publications”) may include Valens’ current opinions of the relative future credit or cash or asset risk of entities or persons, credit commitments, income, outcome or debt or debt-like securities, business, stocks, equity and other related assets.   

Valens’ Analyses and Valens Publications do not constitute or provide investment or financial advice to any person or company. Valens’ Analyses and Valens Publications are not and do not provide professional recommendations to purchase, sell, or hold particular securities, spend or hold personal assets and properties.

Valens accepts no liability and responsibility from any kind of damage or responsibility that may arise from any false notion, misguidance, or mistake regarding this. Valens’ Analyses may not address any other risk arising either from personal or commercial investment and action.

Neither Valens’ Analyses nor Valens Publications comment on the suitability of an investment or allocation for any particular person and neither Valens’ Analyses nor Valens Publications under any circumstance accept any kind of liability or responsibility arising from self-misguidance of any particular person or any other 3rd parties.

Valens issues Valens’ Analyses and publishes Valens Publications with the expectation and understanding that each 3rd party and each user of the information contained herein or to be issued by Valens will make their own study and evaluation, in a deliberate, cautious, and prudent way, of each security that is under consideration for purchasing, holding, selling or for any transaction.

It would be dangerous for retail clients, 3rd parties, or any other information receivers, to make any investment decision based solely on any of the Valens’ ratings or Valens’ Analyses. If in doubt, you should contact your financial or other professional advisers.

All information and calculation contained herein are obtained by Valens from sources believed by it to be accurate, up to date, and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “as is”; without representation of the accuracy or any kind of warranty, obligation, or any kind of commitment and undertaking.

Valens adopts all reasonable measures so that the information used or to be used assigning a credit, business, equity, or any other rating, if any, is of sufficient quality. Valens considers from its sources including, when appropriate, independent third-party sources, to be reliable.

However, Valens is not an auditor and cannot in every instance independently verify or validate information received in the rating or any other process. Under no circumstances shall Valens have any liability or responsibility to any person or entity/entities for any kind of loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance or contingency within or outside the control of Valens or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if Valens or any of its directors, shareholders, officers, employees or agents is/are advised in advance of the possibility of such damages, resulting from the use of or inability to use of, any such information.

Any analysis, financial reporting analysis, projections, calculations, assumptions, and other observations, if any, constituting part of the information contained herein are and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities and/or assets.

No warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability, or fitness for any particular purpose of any such rating or other opinion or information or calculation is given or made by Valens in any form or manner whatsoever.

All intellectual property rights in relation to Valens’ Analyses and any information or material contained herein are the exclusive property of Valens. The aforementioned cannot be copied, recorded by any audio or video recording device, screen capturing or screen recording device, or any device capable of performing such function and cannot be reproduced or used without the mutual and prior written consent of the respective right owner(s). 3rd parties cannot use Valens’ Analyses for advertising purposes, to solicit business, or for any other purpose.

Using, copying, or reproducing any materials, content, and information of Valens’ Analyses is prohibited unless permitted by speakers in writing. It is strictly prohibited to reproduce, record, represent, display, modify, adapt or translate Valens’ Analyses and/or any work and material contained herein in whole or in part, whether for free or for financial consideration, without speakers’ mutual and prior written consent.

Valens’ Analyses, including the attached exhibits or documents, if any, is confidential and is intended for the sole and exclusive use of the person to whom this material has been delivered by Valens. Any further distribution, divulgence, or reproduction of these materials is strictly prohibited.

All information contained herein is protected by relevant law of the United States of America, including but not limited to copyright law and intellectual property law and none of such information may be copied or otherwise reproduced, repackaged, further transmitted, transferred, disseminated, redistributed or resold, or stored for subsequent use for any such purpose, including but not limited to commercial or non-commercial use, in whole or in part, in any form or manner or by any means whatsoever, by any person or legal entity/entities without Valens’ prior and explicit written consent and civil and criminal liability will arise in violation of the mentioned above.

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