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  "documentTitle": "Freeman Capital Management | Activist Presentation Deck | 95 slides",
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  "authorName": "Freeman Capital Management",
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  "notes": "Uses a 'reason vs. reality' structure to undermine management's narrative.",
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      "kind": "callout",
      "text": "MindMed’s capital raise was a failure at best by their own metrics.",
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      "text": "1. To increase MindMed’s institutional ownership: In reality, many of the institutions who joined MindMed through the offering have since sold. Notably, CVI Investments who was a 13G filer following the financing sold all of their 1M shares, many of them within just a few days. Institutional ownership of MindMed grew slightly from 13.2% in 2021 to 14.2%.",
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      "text": "2. To bring MindMed’s runway from the first half of 2024 to first half of 2025 (a narrative that MindMed continues to portray): Unfortunately, analysts are projecting that MindMed will run out of cash by end of 2024.",
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      "text": "MindMed has developed two rationales for why the September Financing was needed:",
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      "text": "Source: Company SEC Filings, MindMed Press Releases, MindMed Earnings Calls. See [9], [16]",
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      "text": "MindMed’s Purported Reasons",
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