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  "documentTitle": "Nano-X Imaging Ltd. (NNOX)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2020-09-22 00:00:00",
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  "notes": "The slide uses direct quotes from legal filings to demonstrate a lack of transparency by NNOX.",
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      "text": "NNOX appear to be less than transparent about this troubling fact pattern, as the October 28, 2019 agreement is not referenced anywhere in the Final Prospectus.",
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      "text": "However, we see in the final prospectus filed on August 24, 2020 that NNOX added language specifying that Dr. Kim would be able to accelerate his ability to exercise the stock upon an IPO, while inexplicably changing the grant date to December 2019 (emphasis added):",
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      "text": "NNOX appear to be less than transparent about this troubling fact pattern, as the October 28, 2019 agreement is not referenced anywhere in the Final Prospectus. Despite paying Dr. Kim tens of millions of dollars, NNOX seeks to hide him from the world. See no mention of Dr. Kim in the presentation slide below:",
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      "text": "Filed in the original draft prospectus, we see that NNOX awarded Dr. Kim 1,206,290 shares in October 2019: these were struck at $2.21. According to the draft prospectus, the unvested options were to vest over three years (emphasis added):",
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      "text": "On December 16, 2019, Nanox IL signed an agreement with Dr. Ilung Kim for provision of services to the Company. Dr. Kim will not receive any cash compensation, but will be granted options to purchase 1,206,290 ordinary shares with an exercise price of $2.21 per ordinary share. 301,572 of the options vested as of the grant date and the remaining 904,718 options will vest in equal monthly installments over a period of three years from the vesting commencement date. In the event of an IPO or Deemed Liquidation (as defined therein), all unvested options shall fully accelerate immediately prior to the consummation of the IPO.",
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      "text": "On October 28, 2019 (“the effective date”), Nanox IL signed an agreement with Dr. Ilung Kim, according to which Dr. Kim will provide certain services to the Company. Dr. Kim will not receive any cash compensation but will be granted options to purchase 1,206,290 ordinary shares with an exercise price of $2.21. 301,572 of the options vested as of the grant date and the remaining 904,718 options will vest in equal monthly installments over a period of three years from the grant date.",
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      "text": "On October 28, 2019 (“the effective date”), Nanox IL signed an agreement with Dr. Ilung Kim, according to which Dr. Kim will provide certain services to the Company. Dr. Kim will not receive any cash compensation but will be granted options to purchase 1,206,290 ordinary shares with an exercise price of $2.21. 301,572 of the options vested as of the grant date and the remaining 904,718 options will vest in equal monthly installments over a period of three years from the grant date. The vested options will be exercisable in accordance to the terms specified in the agreement. — NNOX Draft Prospectus",
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      "text": "39 NNOX Draft Prospectus, p. F-18\n40 NNOX Final Prospectus, p. F-15\n41 NNOX September 2020 Investor Presentation, p. 28",
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