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  "docSlug": "fe44b8898bdc",
  "documentTitle": "Nano-X Imaging Ltd. (NNOX)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "presentationDate": "2020-09-22 00:00:00",
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  "notes": "The slide uses visual evidence of professional history (Eli Reifman, Bruce Edwards, Lydia Edwards) to link NNOX to past corporate entities like Emblaze.",
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      "kind": "callout",
      "text": "We note, however, that the chairman of Hadassah is on NNOX’s board and received options with a $2.21 strike.",
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      "text": "A-Labs have been handsomely rewarded for its work with NNOX. As part of a 2019 consulting deal to help bring NNOX public, the prospectus states that NNOX paid A-Labs a total of $1 million in advance cash payment; 2.5% of the total cash raised in the IPO, or $4.1 million; and warrants to purchase an additional 2.5% of the company. Based on the current share price, A-Labs' warrants are collectively worth $3.9 million if exercised. We calculate that in aggregate, A-Labs were paid at least $9.0 million in connection with the IPO. NNOX's five underwriters collectively earned $13.3 million in fees, and its top left underwriter earned only ~$6.3 million.",
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      "text": "NNOX touts the Hadassah partnership; however, our research gives rise to serious doubts about the substance of that relationship. We note, however, that the chairman of Hadassah is on NNOX's board and received options with a $2.21 strike. Having SK Telecom as a backer certainly sounds impressive. However, we were much less enamored when we learned that a president of SK Telecom, convicted felon Dr. Ilung Kim, has personally received options from NNOX presently worth approximately $32.1 million.",
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      "kind": "source-note",
      "text": "27 NNOX Prospectus, p. 92; 28 NNOX Prospectus, p. 150; 29 https://www.justice.gov/archive/atr/public/press_releases/2007/222770.htm",
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      "text": "The $2.21 Club – Hadassah and SK Telecom",
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