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  "documentTitle": "Electro Optic Systems Holdings Limited (EOS.AX)",
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  "authorName": "Grizzly Research",
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  "sourceTypeSlug": "short_seller",
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  "presentationDate": "2026-02-06 00:00:00",
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  "notes": "The slide uses a 'villain critique' style to undermine management credibility by contrasting their public statements with external evidence.",
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      "text": "This seems like an outright lie, given that the signing ceremony was covered by local news in Korea and that Goldrone itself made a special announcement about the contract.",
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      "kind": "disclaimer",
      "text": "THE REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH...",
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      "text": "Upfront cash payment of US$36m (~A$54m); plus\nPotential earnout amount of up to €20m for each €100m (or part thereof) of certain new MARSS third party contract orders (up to €500m) secured prior to the end of the earnout period. The earnout payment is capped at €100m (~A$174m), subject to adjustments and is payable in a combination of cash (capped at €20m) and EOS shares.",
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      "text": "On January 13th, 2026, EOS announced that it has entered into an agreement to acquire the MARSS group business, a Europe-based provider of command and control systems. The payment terms are as follows:",
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      "text": "When EOS' management was asked to give more details about the Korean counterpart, they stated that \"in most defense deals, the counterpart does not want to be nominated\" and that \"For the time being, they asked us to keep silent, keep it confidential and we respect it\". This seems like an outright lie, given that the signing ceremony was covered by local news in Korea and that Goldrone itself made a special announcement about the contract.",
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      "text": "\"MARSS has generated around 240 million EUR over 5 years\".",
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      "text": "\"in most defense deals, the counterpart does not want to be nominated\" and that \"For the time being, they asked us to keep silent, keep it confidential and we respect it\" — EOS Management. \"MARSS has generated around 240 million EUR over 5 years\" — CFO of EOS.",
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      "text": "The MARSS Acquisition, and More Questionable Statements From Management",
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      "text": "EOS Behind the Hype: Unmasking the Dark Reality of the Mysterious Korean Contract",
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