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  "docSlug": "72469199073c",
  "documentTitle": "C3.ai, Inc. (AI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-02-16 00:00:00",
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  "notes": "The slide uses a specific SEC filing excerpt to cast doubt on management's outlook.",
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      "kind": "callout",
      "text": "By resigning on November 27, 2021, former CFO David Barter walked away from over 900,000 options with a $17.10 exercise price. The share price was around $38 at the time, and the options had nearly $20m of intrinsic value. One plausible explanation is that the former CFO thought by the time he could exercise the remaining options, the stock would be below $17.10 per share.",
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      "text": "stock option exercise price: $17.10",
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      "kind": "source-note",
      "text": "Source: Form 4 David Barter former CFO. Note: Red emphasis Spruce Point. Resignation notification.",
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      "kind": "table",
      "text": "Form 4 Table II data showing Stock Option exercise price of $17.1 and 913,891 shares beneficially owned.",
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      "kind": "title",
      "text": "Food For Thought: Why Did The Recent CFO Abandon In-The-Money Options At $17.10 Per Share?",
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      "evidence": "Using SEC filings to highlight suspicious management behavior and potential lack of confidence in company valuation.",
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      "arcName": "Overcoming the Monster",
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      "name": "Quick Win Big Bet",
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      "bestFor": "Transformation planning, 100-day plans, resource allocation",
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      "evidence": "Spruce Point estimates a 40-50% downside risk to C3.ai's share price.",
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      "objective": "To present a valuation analysis and a potential investment strategy",
      "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap",
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