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Nature of Report

This report is a proprietary research product of Pelican Alpha ("Pelican"). It is provided for informational and discussion purposes only and is based on Pelican's internal analysis and opinions as of the date stated.

Not Investment Advice

This report is not and should not be construed as investment advice, a recommendation to buy or sell any security, or an offer to provide advisory services. The information contained herein does not consider the specific investment objectives, financial situation, or individual needs of any recipient. Recipients should consult with their own independent financial, tax, legal, and other advisors before making any investment decision.

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Accuracy and Completeness

The information in this report is derived from sources believed to be reliable, but its accuracy, completeness, and timeliness are not guaranteed. Opinions, forecasts, and estimates are subject to change without notice and reflect Pelican's judgment at the time of preparation. Pelican is under no obligation to update this report.

Forward-Looking Statements

This report may contain forward-looking statements that are inherently subject to risks and uncertainties. Actual results could differ materially from those anticipated. There is no assurance that any projected outcomes, catalysts, or expectations will be achieved.

Investment Risk

Investing in securities involves the risk of loss. Past performance is not indicative of future results. The value of investments can fluctuate, and recipients may lose money. All risks discussed in this report (e.g., execution risk, market headwinds, competition) could negatively impact the investment.

Conflicts of Interest

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Proprietary Material

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