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  "documentTitle": "Momo, Inc. (MOMO)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-06-27 00:00:00",
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  "pageNumber": 37,
  "pageCount": 70,
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  "notes": "Includes a table of financing rounds and a diagram of the ownership structure.",
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      "kind": "callout",
      "text": "All Three Equity LPs Became Shareholders on October 25th, 2017 shortly before SAIC charges against Momo in Nov 2017 and three of its Directors resign for \"personal reasons\"",
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      "kind": "callout",
      "text": "Recall: In Nov 2017 the SAIC charged Momo with of \"Filing Corporate Information With the Intent To Conceal The Truth And Falsify\" and three Directors abruptly resigned for \"personal reasons\".",
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      "kind": "diagram",
      "text": "Ownership Structure of Tantan VIE Just Before Beijing Momo Took Control February 23, 2018",
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      "text": "One alternative theory is that Momo needed to use the cash it may be having difficulty getting out of China, so it acquired Momo Tantan VIE with RMB cash in China. Momo stopped disclosing the location of its cash holdings after Q3'2016. Three equity LPs mysteriously became Tantan shareholders on October 25, 2017. It's possible that the newly added limited partnerships were put in place immediately before the transaction to hide who actually got paid the cash, and that Momo insiders could be the beneficiaries of the sales. Recall: In Nov 2017 the SAIC charged Momo with of \"Filing Corporate Information With the Intent To Conceal The Truth and Falsify\" and three Directors abruptly resigned for \"personal reasons\".",
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      "text": "\"Filing Corporate Information With the Intent To Conceal The Truth And Falsify\" — SAIC",
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      "text": "Tantan Financing Rounds table",
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      "kind": "title",
      "text": "Red Flag 5: Making Sense of The Tantan Acquisition (Cont'd)",
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