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  "docSlug": "5fadb686cc03",
  "documentTitle": "Twist Bioscience (TWST)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-11-15 00:00:00",
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  "pageNumber": 32,
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  "notes": "The slide uses aggressive, inflammatory language ('junkie', 'crackhead', 'toilet paper') to characterize the company's financial strategy.",
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      "kind": "callout",
      "text": "Serial capital raisers make fantastic shorts, as they dilute stockholders into oblivion just like a Ponzi: the share count expands with each new raise, crushing the value of each share.",
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      "text": "Total shares outstanding, in millions",
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      "text": "Total shares outstanding: 56.3",
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      "kind": "paragraph",
      "text": "She pumps the stock with one hand, while dumping her own shares with the other. Twist is a serial capital raiser and stock dilution machine. Its earnings calls swarm with sell-side analysts, for Twist is the perfect junkie - the crackhead that staggers back to the den once or twice a year for one last bag of rocks. Serial capital raisers make fantastic shorts, as they dilute stockholders into oblivion just like a Ponzi: the share count expands with each new raise, crushing the value of each share. Just like hyper-inflation eventually turns paper currency into toilet paper, dilution does the same to stock certificates – and hyper-inflation is the correct term to describe the near-doubling of Twist’s share count since IPO.",
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      "kind": "source-note",
      "text": "Source: Capital IQ data",
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      "kind": "table",
      "text": "FY ended Sep 30 table showing Total shares outstanding, Issuance of common stock, and Paid-in Capital from 2016 to 30-Jun.",
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      "kind": "title",
      "text": "Perhaps our assessment is unfair, as Leproust’s pump-and-dump tactics suggest she’s more clear-eyed about Twist’s future than it might appear.",
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      "arcName": "Overcoming the Monster",
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