Analyst Certification and Independence of Research
Each of the Fermium Research, LLC analysts whose names appear on the front page of this report hereby certify that all the views expressed in this Report accurately reflect our personal views about any and all of the industries, subject securities or issuers and that no part of our compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views of in this Report.
Fermium Research, LLC is an independent equity research provider and is not a member of the FINRA or the SIPC and is not a registered broker dealer or investment adviser. Fermium Research, LLC has no other regulated or unregulated business activities which conflict with its provision of independent research.
Limitations of Research and Information
This Report has been prepared for distribution only to qualified institutional or professional clients of Fermium Research, LLC. The contents of this Report represent the views, opinions, and analyses of its authors. The information contained herein does not constitute financial, legal, tax or any other advice. All third-party data presented herein were obtained from publicly available sources which are believed to be reliable; however, the Company makes no warranty, express or implied, concerning the accuracy or completeness of such information. In no event shall the Company be responsible or liable for the correctness of, or obligation to update, any such material or for any damage or lost opportunities resulting from use of this data. Nothing contained in this Report or any distribution by the Company should be construed as any offer to sell, or any solicitation of an offer to buy, any security or investment. Any research or other material received should not be construed as individualized investment advice. Investment decisions should be made as part of an overall portfolio strategy and you should consult with a professional financial, legal and tax advisor prior to making any investment decision. There are inherent risks to investing. The value of, and any income from, any investments may vary because of changes in interest rates, tax and tariff rates, or a myriad of other factors. Fermium Research, LLC shall not be liable for any direct or indirect, incidental or consequential loss or damage (including loss of profits, revenue or goodwill) arising from any investment decisions based on information or research obtained from Fermium Research, LLC. Past performance should not be taken as an indication or guaranty of future performance and no representation or warranty, express or implied, is made regarding future performance. The publisher and/or its individual officers, employees, or members of their families might, from time to time, have a position in the securities mentioned and may purchase or sell these securities in the future.
Reproduction and Distribution Strictly Prohibited
No user of this Report may reproduce, modify, copy, distribute, sell, resell, transmit, transfer, license, assign or publish the Report itself or any information contained therein. Notwithstanding the foregoing, clients with access to working models are permitted to alter or modify the information contained therein, provided that it is solely for such client’s own use. This Report is not intended to be available or distributed for any purpose that would be deemed unlawful or otherwise prohibited by any local, state, national or international laws or regulations or would otherwise subject the Company to registration or regulation of any kind within such jurisdiction.
Copyrights, Trademarks, Intellectual Property
Fermium Research, LLC, and any logos or marks included in this Report are proprietary materials. The use of such terms and logos and marks without the express written consent of Fermium Research, LLC is strictly prohibited. The copyright in the pages or in the screens of the Report, and in the information and material therein, is proprietary material owned by Fermium Research, LLC unless otherwise indicated. The unauthorized use of any material in this Report may violate numerous statutes, regulations and laws, including, but not limited to, copyright, trademark, trade secret or patent laws.