{ "docId": "019dd923-622c-750b-8b9a-4b91788fc785", "docSlug": "5fadb686cc03", "documentTitle": "Twist Bioscience (TWST)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-11-15 00:00:00", "orientation": "landscape", "aspectRatio": 1.2941177, "pageNumber": 212, "pageCount": 236, "prevPage": 211, "nextPage": 213, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a Q&A format to highlight potential governance issues regarding related-party transactions.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-4b91788fc785/212", "deckHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785#slide-212", "components": [ { "bbox": null, "kind": "callout", "text": "When we asked an ex-Twist executive about related-party transactions, he stated that \"two people in the finance organization...still had some minority stake,\" referring to Televerde.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0933-75bb-9bf5-fa33577c6e8c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.05, "y": 0.38 }, "kind": "list", "text": "Ex-executive indicated that Twist has a related-party relationship with Televerde", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8812db74-fe58-468c-8cf5-aa504eb2aae0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "When we asked an ex-Twist executive about related-party transactions, he stated that “two people in the finance organization...still had some minority stake,” referring to Televerde. He described Televerde as an “outsourcing company” that provided “second and third-level sales support” for Twist, and described the size of the relationship as “a couple of million bucks a year at most.” We do not know whether the ex-executive’s statements are accurate, and have not verified whether Televerde provided any services to Twist.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "01e11286-3821-42a8-afa1-688986c81f42", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.5, "w": 0.9, "x": 0.05, "y": 0.42 }, "kind": "paragraph", "text": "Q: “Did they have any relationships with related parties when you were there?”\nA: “I’m only aware of one, and they were disclosed, and a couple of people in the finance organization had shares in a company that provided calls to customers. That’s the only one that I’m aware of. It was a company that provided second and third-level sales support. So, it was an outsourcing company. But that’s the only one that I’m aware of. I believe it’s disclosed as well.”\nQ: “Who owned it?”\nA: “I’m not too sure of the entire ownership structure. There were two people in the finance organization that had worked there and still had some minority stake.”\nQ: “And what did the company do for Twist?”\nA: “They provided sales support. So, second, third-tier types of customers calling out, reaching out, and trying to generate business and support. That’s what they did in the outsourcing provider market.”\nQ: “How large was that relationship?”\nA: “A couple of million bucks a year at most, at least when I was there. Not big.”\nQ: “What is the name of that entity/business?”\nA: “It may come back to me as we talk but right now, it’s not coming to mind. Televerde.”\nQ: “Televerde: revenue and growth solutions for B2B companies?”\nA: “You found it.”\nQ: “What was the relationship of these people with Twist?”\nA: “There were two senior individuals in the finance organization...they had equity in that company as they were previously employed by that company prior to joining Twist.” – Ex-Twist executive", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6441b1b8-ba2d-435b-989a-bc8679161014", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“I’m only aware of one, and they were disclosed, and a couple of people in the finance organization had shares in a company that provided calls to customers... There were two people in the finance organization that had worked there and still had some minority stake.” — Ex-Twist executive", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0933-75bb-9bf5-ffc92339607d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "08444e80-bb11-4241-8783-ab524f2a9f8b", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "d9bd88ec-2c0f-4884-9594-7ed12ee7b7b1", "evidence": "The slide explicitly frames the content as an investigation into potential related-party transaction fraud.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }