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On 9/28/23, XL Fleet received an $11M fine from the SEC over misleading investors about its revenue prospects. 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Disclaimer", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:19+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21e-075ba38c9f77", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.08, "y": 0.942 }, "kind": "source-note", "text": "Source: Sec.gov", "attrs": null, "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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And #3 ideas.\"", "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 20:09:01.078+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25f0520f-d447-4e15-ab2e-462ccc059a68", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.08, "y": 0.26 }, "kind": "paragraph", "text": "Our comment: Ng is referring to Triller's last funding round we mentioned earlier where Triller received $200M in convertible notes. That round was on 8/29/22. This was 22 months ago, not 12-13.", "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 20:09:01.078+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3213385c-6524-4c89-98d5-5e51ffb0c37b", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.85, "x": 0.08, "y": 0.74 }, "kind": "paragraph", "text": "Ng: \"As a part of this merger, the entire company will be redomiciled, relocated to Los Angeles. We have a team going around in Los Angeles looking for a campus for us.\"", "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 20:09:01.078+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "385e5e7d-0cb5-40a5-b80e-34cac7841b81", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.08, "y": 0.67 }, "kind": "paragraph", "text": "Our comment: What is Ng talking about here? Recommendations? He doesn't go into any specifics on what he means by recommendations. We don't see any synergies between a financial services provider and a social media 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 20:09:01.078+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b305b6a-a231-4c85-b233-b3c0a3ae0e47", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "y": 0.57 }, "kind": "paragraph", "text": "Ng: \"Agba's financial expertise and Triller's AI-driven capabilities are incredibly complimentary...\"", "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 20:09:01.078+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2602f64-929a-4b37-99f1-2158a24b5b45", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.85, "x": 0.08, "y": 0.21 }, "kind": "paragraph", "text": "Ng: \"Triller did a last private round of capital raising just about 12-13 months ago, valuing it at over $3B\"", "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 20:09:01.078+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd2b3372-1534-484f-b092-b63e228868d4", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.08, "y": 0.48 }, "kind": "paragraph", "text": "Our comment: People, capital, and ideas are a vague description of a plan. Ng doesn't go into any more detail. Didn't Triller have people, capital and ideas when it raised hundreds of millions of dollars?", "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 20:09:01.078+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb9f934b-69bd-4662-9681-67886b3c4409", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.08, "y": 0.15 }, "kind": "paragraph", "text": "Our comment: What technology does AGBA have? It's a financial services company. What synergies would a social media, video-streaming company have with a financial services 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 20:09:01.078+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0b8f6e8-b97c-4255-8bbc-b6fcc22046a6", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Triller did a last private round of capital raising just about 12-13 months ago, valuing it at over $3B — Ng. Our contribution is scaling the business. And we have a specific plan how to make money. It requires a few things. #1 people, and #2 capital. I'm fortunate to say at this moment, that we have a lot of capital chasing us. And #3 ideas. — Ng. Agba's financial expertise and Triller's AI-driven capabilities are incredibly complimentary. At the core of a social media company and the core of a financial services company, is really recommendations. — Ng. As a part of this merger, the entire company will be redomiciled, relocated to Los Angeles. We have a team going around in Los Angeles looking for a campus for us. — Ng.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:19+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21e-7b27e0070025", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c76b9c7d-aa4b-49e7-b226-7d3ec6bccaec", "evidence": "Systematic rebuttal of executive quotes", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:09:01.078+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "expose_contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 10, "type": "tension", "title": "Includes a quote from Ng regarding merger timelines and a detailed breakdown of the Yorkville convertible note mechanics.", "function": "expose_contradiction", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "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": "overcrowded", "densityScore": 94, "componentCount": 12, "textChars": 3058, "nDataPoints": 6, "notes": "Includes a quote from Ng regarding merger timelines and a detailed breakdown of the Yorkville convertible note mechanics.", "elementsJson": [ "paragraph", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:09:02.48+00", "seconds": 4.568, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-c6e3fab36be0/10", "deck": "/decks/019dd923-622c-750b-8b9a-c6e3fab36be0", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-c6e3fab36be0#slide-10", "deckJson": "/decks/019dd923-622c-750b-8b9a-c6e3fab36be0.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "There really is no strategic relationship when dealing with Yorkville. They are a predatory fund, not a long-term investor.", "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": "2026-04-23 02:31:19+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21e-8addc9b0f4d6", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.85, "x": 0.08, "y": 0.61 }, "kind": "paragraph", "text": "For example, assuming the lowest daily VWAP for the last 10 days is around $2.7 then if the stock price goes up to $3.50, Yorkville can convert at $2.7 x 92.5% = $2.5 conversion price and sell at $3.50. Yorkville stands to make at a 40% gain on their investment with very little risk. And if that wasn't enough, Yorkville also received 3M AGBA warrants, representing $8,377,500 or 25% of the $33.51M convertible note principal amount, at a Fixed Price of $2.83, with price protection.", "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 20:09:02.48+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c99a402-c600-41f4-bdb1-a9646be16f2b", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.08, "y": 0.21 }, "kind": "paragraph", "text": "Our comment: This is one of the only times in the interview where Ng was specific. He expects to have an approval decision by the SEC and Nasdaq by the end of June. It's currently July, and we don't have any updates on the merger. We believe the SEC will reject the merger but the application process will take many more months.", "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 20:09:02.48+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "15a53f9e-7101-42f8-ad3c-96b0b562799f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.08, "y": 0.37 }, "kind": "paragraph", "text": "There really is no strategic relationship when dealing with Yorkville. They are a predatory fund, not a long-term investor. Yorkville just needs liquidity and could care less about whether AGBA succeeds or fails. If the stock drops then Yorkville will just get more shares to sell to guarantee a profit.", "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 20:09:02.48+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29259a44-3397-475b-be23-1ef9876086d1", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.08, "y": 0.77 }, "kind": "paragraph", "text": "From 2022 to late 2023, Triller has settled many lawsuits by agreeing to owe money to a variety of plantiffs. However, the problem is Triller doesn't have any money to make these payments anymore. The following are lawsuits that are all referenced in Triller's S-1/A filed on 1/30/24.", "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 20:09:02.48+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "582031e0-4dc4-48a3-9ee6-60a640040174", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.85, "x": 0.08, "y": 0.32 }, "kind": "paragraph", "text": "On 7/5/24, AGBA published a PR announcing they are raising more funds through Yorkville. The PR states 'It also further cements the strategic relationship between AGBA and Yorkville...'", "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 20:09:02.48+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8df51b7f-2b2d-42a1-a092-46762ec7ebd0", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.85, "x": 0.08, "y": 0.44 }, "kind": "paragraph", "text": "On April 25, 2024, Yorkville agreed to advance to the Company in the form of convertible promissory notes an aggregate principal amount of up to $8.51 million (the 'First Pre-Paid Advance').", "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 20:09:02.48+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9eed6b84-e573-401c-9a0b-ab3534320ed1", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.08, "y": 0.14 }, "kind": "paragraph", "text": "Ng: 'The transaction has been approved by shareholders on both sides. So now, it's really dependent on, we're just waiting for approval by the SEC and Nasdaq. Hopefully we should have a conclusion by the end of June, I'm just guessing.'", "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 20:09:02.48+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d044ba0a-2c45-41f1-9391-ce1f1b1b256c", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.85, "x": 0.08, "y": 0.49 }, "kind": "paragraph", "text": "On June 28, 2024, AGBA, Triller, and Yorkville modified the agreement to assign Triller's rights and obligations to AGBA and provide $25 million in additional financing (the 'Second Pre-Paid Advance'). As part of the 'First and Second Pre-Paid Advance', AGBA issued a convertible promissory note for an aggregate principal amount of $33.51 million in favor of Yorkville. The note could then be converted to shares of AGBA common stock at 92.5% of the lowest daily VWAP during the ten consecutive trading days immediately preceding the conversion date or other date of determination.", "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 20:09:02.48+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9c0021b-a9e9-4ae6-8121-d3940a7968cc", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The transaction has been approved by shareholders on both sides. So now, it’s really dependent on, we’re just waiting for approval by the SEC and Nasdaq. 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