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  "docSlug": "c358888161f0",
  "documentTitle": "Ginkgo Bioworks (DNA)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "presentationDate": "2021-10-06 00:00:00",
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  "pageNumber": 86,
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  "notes": "The slide uses a snippet from a prospectus to highlight a specific contractual clause and an income statement to highlight the financial impact.",
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      "kind": "callout",
      "text": "Pursuant to the G&A Services Agreement, Ginkgo will perform its obligations as an independent contractor and the Company will pay Ginkgo for services at the fully burdened full time equivalent cost, plus pass-through costs, materials and services.",
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      "kind": "callout",
      "text": "The disclosure is a blatant admission of Ginkgo’s day-to-day control and operation of Allonnia.",
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      "text": "G&A expenses: $2.1MM",
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      "kind": "paragraph",
      "text": "As additional evidence that Allonnia is merely a front operated by Ginkgo, we note a disclosure buried in the final pages of the prospectus regarding an unusual “G&A Services Agreement” between Ginkgo and Allonnia where Allonnia pays Ginkgo for unspecified general and administrative services, at Ginkgo’s “fully burdened FTE cost.” The disclosure is a blatant admission of Ginkgo’s day-to-day control and operation of Allonnia. We further note that Allonnia expensed an astounding $2.1MM of G&A in 2021 – presumably siphoned by Ginkgo - despite having almost no employees. Allonnia is the only related party that filed separate footnotes, but we suspect that similar but undisclosed G&A agreements exist with other “customers” as a control mechanism.",
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      "text": "Pursuant to the G&A Services Agreement, Ginkgo will perform its obligations as an independent contractor and the Company will pay Ginkgo for services at the fully burdened full time equivalent cost, plus pass-through costs, materials and services. — Soaring Eagle Acquisition Corp prospectus 8/13/2021",
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      "text": "Source: Soaring Eagle Acquisition Corp prospectus 8/13/2021, URL, Scorpion Capital analysis and estimates",
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      "text": "G&A Services Agreement between Ginkgo and Allonnia",
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      "text": "Allonnia income statement indicates $2.1MM if G&A expenses in 2020",
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