{ "docId": "019dd923-622c-750b-8b9a-1cc056790523", "docSlug": "340e94a59fc0", "documentTitle": "IonQ Inc. (IONQ)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-05-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.2941177, "pageNumber": 162, "pageCount": 183, "prevPage": 161, "nextPage": 163, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a Q&A format to present whistleblower testimony.", "elementsJson": [ "paragraph", "screenshot", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-1cc056790523/162", "deckHref": "/decks/019dd923-622c-750b-8b9a-1cc056790523", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-1cc056790523.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-1cc056790523#slide-162", "components": [ { "bbox": null, "kind": "callout", "text": "As part of the SPAC, they chose investors based on investors’ willingness to do research engagements with IonQ, and if those investors would commit a certain amount of money, they’d be doing research deals with IonQ", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-f5d2-7501-bd85-705143e4de56", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "The ex-employee further alleged quid pro quo’s where IonQ selected investors for its SPAC based on their “willingness to do research engagements with IonQ,” implying that Hyundai was another example of a marquee deal like GE where the “rank and file said ‘Hell no’” to spending money with IonQ. We note IonQ’s recent promotion of a collaboration with Hyundai. The ex-employee cautioned us to expect a similar dynamic in upcoming customer announcements.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "40b445b3-8144-4c82-a2a8-e07043875aac", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.4 }, "kind": "paragraph", "text": "Ex-employee alleged that IonQ chose SPAC investors based on a quid pro quo to “commit” money to IonQ\nA: “As part of the SPAC, they chose investors based on investors’ willingness to do research engagements with IonQ, and if those investors would commit a certain amount of money, they’d be doing research deals with IonQ; then they would take them as investors...There are other deals that people invested in, and they said, for example, I’ve made so much on IonQ, I’m willing to give you a $2 million engagement to work with our company because I’ve made so much profit. So, there was that. And then there were also deals where we said; we’ll take you as an investor if you agree to spend x-dollars a year with us doing joint research projects.”\nQ: “Who were those customers?”\nA: “What happened is Hyundai promised to do a joint research project, but it was with the CEO and when you finally went down to the rank and file and you said, you promised to spend x-dollars, the rank and file said, “Hell no.” And I also expect there to be others [like Hyundai].”\nQ: “Are Hyundai and these others investors in the company?”\nA: “Yes.” - Former senior employee of IonQ", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "64425c49-59f0-4324-a460-c71b96523aaa", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.32 }, "kind": "paragraph", "text": "IonQ and Hyundai Motor Partner to Use Quantum Computing to Advance Effectiveness of Next-gen Batteries", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "96822ad7-d42a-4726-b271-647a76091d49", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“As part of the SPAC, they chose investors based on investors’ willingness to do research engagements with IonQ, and if those investors would commit a certain amount of money, they’d be doing research deals with IonQ; then they would take them as investors...There are other deals that people invested in, and they said, for example, I’ve made so much on IonQ, I’m willing to give you a $2 million engagement to work with our company because I’ve made so much profit. So, there was that. And then there were also deals where we said; we’ll take you as an investor if you agree to spend x-dollars a year with us doing joint research projects.” — Former senior employee of IonQ", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-f5d2-7501-bd85-77c4b82c66dd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: https://arxiv.org/pdf/2108.03708.pdf", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "abbca938-9871-4553-926a-a31376840474", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.28 }, "kind": "title", "text": "IonQ announcement Jan 2022", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "34b47d18-0617-496f-a92e-d01aeecef689", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "b627efdf-1a7f-48b0-af43-8f531f8601f7", "evidence": "The slide explicitly frames the narrative as an allegation of quid pro quo and deceptive business practices.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }