{
  "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": 228,
  "pageCount": 236,
  "prevPage": 227,
  "nextPage": 229,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "The slide uses a Q&A transcript format to highlight a potential governance or disclosure issue.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-4b91788fc785/228",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785#slide-228",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Yeah, I don't think I can disclose more than that, unfortunately. It is highly confidential. I didn't even know the letter was disclosed to the public. Even within Twist, we really downplayed that...I don't feel comfortable elaborating on that one, unfortunately.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0933-75bb-9bf7-17ddd7e7a52b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.05,
        "y": 0.27
      },
      "kind": "paragraph",
      "text": "Ex-employee expressed discomfort when we asked about Twist's side letter with a Chinese investor",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c56ece85-451c-4478-9635-cf37213a7876",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.31
      },
      "kind": "quote",
      "text": "Q: \"In the IPO prospectus, there's one thing I didn't understand. It said, \"side letter with Ever Alpha Fund LP.\" It says \"$25 million over a three-year period in connection with the incorporation, business, and operations of a wholly-owned foreign enterprise in the PRC.\" Can you explain what that's referring to?\"\nA: \"Yeah, I don't think I can disclose more than that, unfortunately. It is highly confidential. I didn't even know the letter was disclosed to the public. Even within Twist, we really downplayed that...I don't feel comfortable elaborating on that one, unfortunately.\" – Ex-Twist employee involved with Twist's activities in China",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7852e250-af38-4791-8b75-610a986c997a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“Yeah, I don't think I can disclose more than that, unfortunately. It is highly confidential. I didn't even know the letter was disclosed to the public. Even within Twist, we really downplayed that...I don't feel comfortable elaborating on that one, unfortunately.” — Ex-Twist employee involved with Twist's activities in China",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0933-75bb-9bf7-18127db00e38",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.05,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Scorpion Capital consultation calls with experts",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d60cd7dc-abc8-4644-9037-153de4b01dcf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "As we asked about the side letter and the $25MM, the ex-employee became instantly uncomfortable: \"I didn't even know the letter was disclosed to the public. Even within Twist, we really downplayed that...I don't feel comfortable elaborating on that one, unfortunately.\"",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "109ad7ca-f569-4aa9-af89-ec231d1f9edb",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "522b4950-bddc-438f-b7f3-7d92d8954315",
      "evidence": "The slide uses expert testimony to highlight a suspicious, downplayed financial arrangement.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}