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  "documentTitle": "Ginkgo Bioworks (DNA)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-10-06 00:00:00",
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  "notes": "The slide uses red circles and arrows to highlight specific data points in the SEC filing to support the narrative of undisclosed related-party transactions.",
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      "kind": "callout",
      "text": "The individual described a long-standing personal relationship between principals at both companies.",
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      "text": "SEC Form D filing excerpts",
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      "kind": "paragraph",
      "text": "Ex-employees who alerted us to round-tripping deals with undisclosed related parties declined to share their names. However, we have deduced that Cambium is one, among others we expose later. On Sep 17, 2021, Cambium filed a Form D stating that it sold $8MM of equity on Sep 2, 2021, as part of a $28MM round – the same day as Ginkgo’s misleading press release. The filing didn’t name the investor, so we spoke to an individual closely involved with Cambium - who stated that Ginkgo invested $5MM as part of an $11MM financing in conjunction with an R&D services agreement. The individual described a long-standing personal relationship between principals at both companies.",
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      "text": "Source: Scorpion Capital consultation calls with experts; Cambium Biomaterials SEC filings; https://www.sec.gov/Archives/edgar/data/1883516/000188351621000001/0001883516-21-000001-index.htm; https://www.sec.gov/Archives/edgar/data/1883516/000188351621000001/xslFormDX01/primary_doc.xml",
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      "text": "Excerpts from Cambium’s SEC Form D filing",
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