{ "docId": "019dd923-622c-750b-8b97-1cb0d2f8aa38", "docSlug": "fe44b8898bdc", "documentTitle": "Nano-X Imaging Ltd. (NNOX)", "authorId": "51_Muddy_Waters", "authorName": "Carson C. Block", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2020-09-22 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 2, "pageCount": 43, "prevPage": 1, "nextPage": 3, "slideType": "executive_summary", "function": "expose_contradiction", "density": "dense", "nDataPoints": 6, "notes": "The slide uses a 'villain' framing technique to discredit the company by associating it with other high-profile corporate scandals.", "elementsJson": [ "data_table", "headline_text", "quote_block", "paragraph" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b97-1cb0d2f8aa38/2", "deckHref": "/decks/019dd923-622c-750b-8b97-1cb0d2f8aa38", "deckJsonHref": "/decks/019dd923-622c-750b-8b97-1cb0d2f8aa38.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-1cb0d2f8aa38#slide-2", "components": [ { "bbox": null, "kind": "callout", "text": "We are short NNOX because we think it is a much bigger piece of garbage than Nikola will ever be.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-78b8-76f8-9f0e-f835f793e63f", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "Market Cap: $1.3 billion", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd953-78b8-76f8-9f0f-02f7f72fb1ab", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "x": 0.117, "y": 0.463 }, "kind": "paragraph", "text": "We are short NNOX because we think it is a much bigger piece of garbage than Nikola will ever be. There are important similarities, though. Nikola rolled a truck down the hill to try to prove it's real. NNOX almost certainly used somebody else's chest images to try to make its ARC machine look real. Both Nikola and NNOX try to legitimize themselves by using the halo of respectable companies. Nikola gave a bunch of stock away to GM. Nanox issued options for 1.2 million shares at $2.21 per share (worth ~$32.1 million) to the president of SK Telecom after SK Telecom happened to invest in NNOX.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7a2916db-f283-4047-b175-caf960d2d85f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "x": 0.117, "y": 0.602 }, "kind": "paragraph", "text": "But NNOX gets much worse. A convicted felon, who crashed an $8 billion market cap dotcom into the ground, was seemingly instrumental in plucking NNOX out of obscurity and bringing its massively exaggerated story to the U.S. NNOX touts distribution partnerships that supposedly amount to $180.8 million in annual commitments. Almost all of the company's partnerships give reason for skepticism. A U.S. AI partner has apparently not received any ARC images, despite requesting them for six months. By contrast, we used our stock promotion imaging technology (a camera) to find evidence that the purported South African distributor expected to annually purchase $15.5 million from NNOX is incapable of doing so.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7ed774f8-4acf-4393-9982-61e2061c4e79", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "x": 0.117, "y": 0.377 }, "kind": "quote", "text": "I feel like it's a misnomer to say that we are even collaborating with [Nanox] at this point. It's more like they're just using our name on their advertisement, which makes me very upset.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9ffdd43a-2f23-4020-95fe-eaa14aea96ca", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "I feel like it's a misnomer to say that we are even collaborating with [Nanox] at this point. It's more like they're just using our name on their advertisement, which makes me very upset. — employee of purported U.S. AI partner Curemetrix", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-78b8-76f8-9f0e-ffcf15a48eba", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "x": 0.117, "y": 0.092 }, "kind": "table", "text": "Report Date: September 22, 2020; Industry: Medical Devices; Company: Nano-X Imaging Ltd.; Stock Price: $28.83; Ticker: NNOX US; Market Cap: $1.3 billion; Float: 43.2%; Average Daily Volume (5-day): $284 million", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "54a0c6db-42d6-4906-9c3a-7bbf3c8d501a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "x": 0.33, "y": 0.325 }, "kind": "title", "text": "Nanox: Star Trek, Thernaos, and Nikola", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d822a28a-8b2e-4a79-a4a5-a720f3c8c51b", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "antagonist-introduction", "slug": null, "matchId": "0ce032cc-bccc-404c-9587-8c61250172cd", "evidence": "Comparing Nanox to Nikola and Theranos to frame them as a fraudulent entity.", "confidence": 0.9 } ], "arcBeats": [ { "to": 15, "from": 2, "beatId": "4ff545b3-14c3-4b16-b288-f0216fa71006", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "Exposing contradictions in Nanox's claims and performance", "position": 0, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }