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No valuation or target price given — the implied ask is that the stock re-rates down as answers fail to materialize. Word-document style with only the Muddy Waters logo as branding (page 1) and small data tables on pages 2, 4, 5. References the Rino International fraud as a pattern-matching precedent for paper-account red flags. Short position disclosed but size not quantified.", "kpisCited": [ { "detail": "SPRD +229.6% vs. MediaTek -1.4% and Qualcomm +5.5%", "metric": "2010 revenue growth" }, { "detail": "+136.6% immediately after CEO Ping Wu's resignation", "metric": "Q3 2009 QoQ revenue growth" }, { "detail": "$0 on $75.3M pre-tax income, inconsistent with PRC provisional-tax law", "metric": "Cash income taxes paid (2010)" }, { "detail": "Grew from $14,667K (2009) to $103,068K (2010); days sales 51.0 to 108.6", "metric": "Advances from customers" }, { "detail": "Grew from $4,144K (2009) to $59,579K (2010); 44.8% of 2010 year-end inventory", "metric": "Deferred cost" }, { "detail": "Fell from 2.62x (2009) to 1.46x (2010)", "metric": "Inventory turns" }, { "detail": "2009 revenue only $0.3M, net income -$3.3M, negative operating cash flow — SPRD paid $32.58M for 48.44%", "metric": "MobilePeak financials (SAIC)" }, { "detail": "$49.8M impairment (71.1% of $70M purchase price) within year of acquisition", "metric": "Quorum Systems precedent" } ], "closingAsk": "Respond publicly, at info@muddywatersresearch.com, to the 15 enumerated questions on revenue credibility, tax non-payment, management/auditor turnover, balance-sheet growth, and the MobilePeak acquisition.", "extraction": { "at": "2026-04-22 18:59:42+00", "model": "unknown-legacy", "runId": null, "seconds": 110.02512, "promptVersion": null }, "scqaReward": null, "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "SPRD's 229.6% 2010 revenue surge is irreconcilable with MediaTek (-1.4%) and Qualcomm (+5.5%)", "Zero cash income tax paid on $75.3M pre-tax profit violates PRC provisional tax rules", "Near-simultaneous 2009 turnover of CEO, two CFOs, audit-committee member, and auditor Deloitte" ], "scqaSituation": "Spreadtrum Communications (NASDAQ: SPRD) is a US-listed Chinese fabless mobile-handset chip maker competing mainly against Taiwan's MediaTek, and reported a 229.6% revenue surge in 2010 after three essentially flat years.", "thesisSummary": "Muddy Waters, writing as a disclosed short, publicly confronts SPRD Chairman Li with evidence that SPRD's reported 229.6% 2010 revenue jump cannot be reconciled with competitor MediaTek's 1.4% decline or Qualcomm's 5.5% growth, implying either an implausibly large China handset-chip market expansion or overstated numbers. The letter flags five red flags: near-simultaneous 2009 turnover of founder-CEO Ping Wu, two CFOs, an audit-committee member, and auditor Deloitte; $0 cash income taxes on $75.3M of pre-tax profit despite PRC provisional-tax rules; explosive growth in paper-documented balance-sheet accounts including advances from customers (to 108.6 days sales) and deferred cost (44.8% of inventory); and a $32.58M purchase of a 48.44% stake in distressed MobilePeak echoing the botched Quorum Systems deal that was impaired 71% within a year. Block closes with fifteen numbered questions he invites management to answer publicly.", "primaryDemands": [ "Publicly answer 15 enumerated questions on revenue composition, tax payments, management/auditor turnover, balance-sheet growth, and the MobilePeak acquisition", "Explain the 229.6% 2010 revenue jump given MediaTek's flat year", "Explain zero cash income tax paid on $75.3M 2010 pre-tax profit", "Explain simultaneous 2009 turnover of CEO, two CFOs, an audit-committee member, and auditor Deloitte", "Justify the $32.58M purchase of 48.44% of distressed MobilePeak" ], "scqaResolution": "Muddy Waters has taken a short position and demands Chairman Li publicly answer fifteen enumerated questions covering revenue composition by product, the tax non-payment, management and auditor departures, balance-sheet opacity, and the distressed MobilePeak acquisition.", "thesisOneLiner": "Spreadtrum's 229.6% 2010 revenue jump cannot be reconciled with MediaTek's flat year, zero cash taxes were paid on $75M of profit, and CFO/auditor turnover points to material misstatement — Muddy Waters is short.", "precedentsCited": [ "Rino International Corp. fraud (paper-account red flag)", "Quorum Systems acquisition (71.1% impairment within a year)" ], "scqaComplication": "The surge is irreconcilable with MediaTek's 1.4% decline, coincides with simultaneous 2009 turnover of CEO, two CFOs, audit-committee member, and auditor Deloitte, $0 cash tax on $75M pre-tax profit, and ballooning paper-documented accounts like deferred cost (44.8% of inventory).", "narrativeInterest": 4, "notableSlidePages": [ 1, 4, 6 ], "peerCompaniesCited": [ "MediaTek", "Qualcomm", "Rino International Corp.", "Quorum Systems", "TSMC" ], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 1 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "tension", "title": "This is a classic activist short-seller 'expose' letter, using logical questioning to highlight potential financial irregularities.", "function": "expose_contradiction", "imagePath": "https://imgproxy.kitesheet.com/esAcQuSGTWVY2W2UWPH55VE-HU5HLeyTLeidqmAUfc4/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy84ZGI5MTQwOTFiNjYvcDAwMS5wbmc", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 43, "componentCount": 5, "textChars": 728, "nDataPoints": 3, "notes": "This is a classic activist short-seller 'expose' letter, using logical questioning to highlight potential financial irregularities.", "elementsJson": [ "paragraph", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:53:12.098+00", "seconds": 5.695, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b95-d82cd94cf28f/1", "deck": "/decks/019dd923-622c-750b-8b95-d82cd94cf28f", "deckAnchor": "/decks/019dd923-622c-750b-8b95-d82cd94cf28f#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b95-d82cd94cf28f.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We have identified a number of issues in SPRD's filings, and we believe that there is a high risk of material misstatement in the reported financials since the time of Dr. Ping Wu's resignation.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:22:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-1ac3-70f9-854c-54534be4e816", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.7, "x": 0.15, "y": 0.45 }, "kind": "list", "text": "SPRD reported that revenue increased 229.6% in 2010. 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SPRD's disclosure related to its 2010 revenue is unhelpful and opaque. The 2009 20-F disclosed RF transceiver and baseband semiconductor sales figures. 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MediaTek (2454.TW) had approximately 90% of the mainland China mobile handset chip market in 2009. 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The near simultaneous turnover in 2009 among SPRD's CFO, audit committee, and auditor is troubling. 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We note that the sizes of five balance sheet / cash flow statement accounts grew tremendously in 2010. These accounts are among those that we consider high risk because they are primarily evidenced by paper documentation. 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Among the accounts shown in the prior question, we are most concerned about the increases in inventory (especially the deferred cost sub-account) and advances from customers. We believe that having enormous simultaneous increases in advances from customers and deferred costs is implausible.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:10.371+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3877cf18-0acb-43a0-8d6a-691691e9f058", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.54, "x": 0.23, "y": 0.77 }, "kind": "paragraph", "text": "VIII. We question the wisdom of paying $32.58 million for a 48.44% stake in MobilePeak, which appears to be a distressed company.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:10.371+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38e7b71a-be6e-424c-b82e-5d7c2f66d540", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.54, "x": 0.23, "y": 0.09 }, "kind": "paragraph", "text": "As a general matter, can you explain why the size (in absolute value terms) of each of these accounts is much larger than in the past? What processes did the auditors undertake to confirm the sizes of each of these accounts?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:10.371+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60911b82-69ca-4120-947a-1f6d5b4526be", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.54, "x": 0.23, "y": 0.82 }, "kind": "paragraph", "text": "MobilePeak appears to be a distressed company that had an urgent need for liquidity. Rather than completing this acquisition in one step, SPRD", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:10.371+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c944acf5-c109-4346-b4f3-b558ef0392ac", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.54, "x": 0.23, "y": 0.72 }, "kind": "paragraph", "text": "Why have each of advances from customers and deferred cost become so significant?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:10.371+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e23feb43-df6c-4f40-a5ad-fbbd2bc47004", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.54, "x": 0.23, "y": 0.47 }, "kind": "paragraph", "text": "A blogger recently stated that SPRD's new clients are being given up to 90 days to inspect the chips because SPRD is a new supplier, which is the reason for the deferred cost. If SPRD agrees with that assessment, we are a bit perplexed as to how SPRD would maintain good relationships with its existing clients – presumably they would be unhappy with the preferential treatment being given to new clients. We note that MediaTek has no deferred cost account, and thus does not appear to extend this policy. The rationale that new customers want the inspection period because SPRD is a new supplier also strikes us as odd because SPRD and its main competitor MediaTek are fabless semiconductor companies. SPRD's chips are assembled by TSMC. Supplier-specific product defects would therefore be more likely due to design issues than manufacturing, and SPRD's 20-F indicates that clients test the designs before ordering.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:10.371+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fdb8b503-0503-4860-91c6-7080fc82c639", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.63, "x": 0.14, "y": 0.87 }, "kind": "source-note", "text": "4 http://seekingalpha.com/article/276318-spreadtrum-compelling-value-after-broad-chinese-stock-sell-off\n5 SPRD 2010 20-F, p. 11.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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0.06, "w": 0.54, "x": 0.23, "y": 0.17 }, "kind": "paragraph", "text": "Per the below SAIC financials, MobilePeak generates virtually no revenue, has negative net income, and has negative operating cash flow. Management’s recent comment that it is “too early” to discuss MobilePeak’s customers indicates that MobilePeak’s current revenue is still de minimis.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:14.894+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8fccd424-362e-4ab8-b975-3eb5a930dd58", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.54, "x": 0.23, "y": 0.09 }, "kind": "paragraph", "text": "purchased only 48.44% of MobilePeak for $32.58 million. SPRD disclosed that it “intends to purchase” the remaining equity by the conclusion of Q3. As part of the initial purchase, SPRD loaned MobilePeak money to pay off its convertible bridge loan.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:14.894+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b95147a2-1abd-454e-8a32-b4ec9082b033", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.54, "x": 0.23, "y": 0.43 }, "kind": "paragraph", "text": "MobilePeak’s investors include Sequoia, KPCB, and IDG, yet it was evidently left to SPRD to provide liquidity to MobilePeak to repay a loan. Given that MobilePeak’s shareholders chose to sell the company rather than provide it with liquidity, we infer that they doubt its potential.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:14.894+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bce825b7-04a9-4f20-8a3b-13fa8c832824", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.54, "x": 0.23, "y": 0.53 }, "kind": "paragraph", "text": "Is SPRD acquiring MobilePeak in two stages because MobilePeak had an urgent need for liquidity? Why is SPRD acquiring a company that evidently was unable to raise additional funds from its existing investors? Given that SPRD’s previous acquisition of Quorum Systems...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:14.894+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec1ed1bc-ecdb-4931-89dd-d80e16e1e81b", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.6, "x": 0.17, "y": 0.69 }, "kind": "paragraph", "text": "IX. The increase in ADSes since going public implies that insiders have been selling shares at various times. We note that SPRD recently announced a share buyback of up to $100 million. 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"components": [ { "bbox": null, "kind": "callout", "text": "Given that the turnover in the auditor, audit committee, and CFO position occurred while SPRD was in the midst of a stunning turnaround, did the resignations and removal have anything to do with discomfort about SPRD’s accounting?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:22:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": 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You should do your own research and due diligence before making any investment decision with respect to", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:11.32+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0db8bcea-f4a2-4523-b6aa-7be8588561f5", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.72, "x": 0.14, "y": 0.26 }, "kind": "list", "text": "1. Per the interview with Mr. Wu, the board lost confidence in him. Why would the board have lost confidence in Mr. Wu when the sales pipeline was so promising? 2. Is it fair to assume that Mr. Wei voluntarily left his position as CFO? 3. If so, why would he have done so one month before completing the financing, and with such a promising sales pipeline? 4. By how much did SPRD's mainland China markets (by product type) grow in 2010? 5. What were 2010 sales of RF transceivers, baseband semiconductors, and any other products SPRD began selling in 2010? 6. If SPRD generated $75.3 million in pre-tax profit in 2010, why didn't it make any cash tax payments? 7. Given that the turnover in the auditor, audit committee, and CFO position occurred while SPRD was in the midst of a stunning turnaround, did the resignations and removal have anything to do with discomfort about SPRD's accounting? 8. If not, what were the reasons each resigned (or was removed in the case of Deloitte)? 9. As a general matter, can you explain why the size (in absolute value terms) of each of the operating cash flow accounts we highlighted is much larger than in the past? 10. What processes did the auditors undertake to confirm the sizes of each of these accounts? 11. Why have each of advances from customers and deferred cost become so significant? 12. Is SPRD acquiring MobilePeak in two stages because MobilePeak had an urgent need for liquidity? 13. Why is SPRD acquiring a company that evidently was unable to raise additional funds from its existing investors? 14. What assurance can you offer that the MobilePeak acquisition will be more successful than the Quorum Systems acquisition? 15. Should we expect that shareholder funds will be used to purchase shares that insiders are selling?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:53:11.32+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d3be277-3ba0-48fb-9e3a-83e947d306b5", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.72, "x": 0.14, "y": 0.11 }, "kind": "paragraph", "text": "We appreciate your answering our questions, and we believe that SPRD shareholders will also appreciate it. Please address your response to: info@muddywatersresearch.com. 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You should assume that as of the publication date of any report or letter, Muddy Waters, LLC (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a short position in the stock (and/or options of the stock) covered herein, and therefore stands to realize significant gains in the event that the price of stock declines. Following publication of any report or letter, we intend to continue transacting in the securities covered therein, and we may be long, short, or neutral at any time hereafter regardless of our initial recommendation. 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. Muddy Waters, LLC is not registered as an investment advisor. 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. Muddy Waters, 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 Muddy Waters, LLC does not undertake to update or supplement this report or any of the information contained herein.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:28:36.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0069c22d-48fd-4aaa-a9da-21da63d6e269", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.05, "x": 0.84, "y": 0.95 }, "kind": "paragraph", "text": "Page 7", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:28:36.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "249a01c8-8efc-4e19-b304-1c221af53653", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.06, "x": 0.11, "y": 0.95 }, "kind": "paragraph", "text": "6/28/2011", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:28:36.979+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7952b9d5-1963-4697-b040-157d10a708f6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 2, "to": 4, "label": "Expose Contradiction", "description": "The document presents specific examples of contradictions in SPRD's financial reports." }, { "from": 5, "to": 5, "label": "Villain Critique", "description": "The document critiques MobilePeak SAIC Financials, portraying them negatively." }, { "from": 6, "to": 6, "label": "Demand List", "description": "The document presents a summary of questions, demanding answers from SPRD." } ], "loops": [] }