Legal

LEGAL NOTICE, RESEARCH DISCLOSURE & TERMS OF USE

**Effective Date: September 21, 2026**

This website, including all reports, articles, posts, commentary, interviews, graphics, data, models, valuations, social-media content, newsletters, downloadable materials and other content published under the BMF Reports or BMF Capital names (collectively, “BMF”), is provided subject to the following disclosures, limitations and terms.

By accessing or using this website or any BMF content, you acknowledge that you have read and understood these terms.

## 1. Nature and Purpose of BMF Research

BMF publishes investigative, financial and market research concerning publicly traded companies, securities, industries and related persons or entities.

BMF research may include factual reporting, financial analysis, valuation work, forensic accounting, interpretation of public records, opinions, estimates, hypotheses, criticism, questions, conclusions and forward-looking assessments.

BMF frequently investigates circumstances in which it believes publicly available information, company disclosures, promotional narratives, valuations, accounting, clinical claims, capital structures, related-party relationships, governance practices or other matters warrant greater scrutiny.

BMF's research represents BMF's analysis and views as of the date and time of publication unless expressly stated otherwise.

Nothing published by BMF should be understood as a statement that every inference, estimate, prediction or opinion will ultimately prove correct.

## 2. Not Individualized Investment Advice

BMF content is published for general informational, journalistic, analytical and research purposes.

Unless expressly established through a separate written agreement, BMF content is not individualized investment advice and is not prepared based on the financial circumstances, investment objectives, tax position, risk tolerance or portfolio requirements of any particular reader.

Publication of research does not create an adviser-client, broker-customer, fiduciary or other professional relationship between BMF and any reader.

Nothing published by BMF constitutes an offer to sell, a solicitation of an offer to buy, or a recommendation tailored to any particular person's circumstances.

Readers must conduct their own independent investigation and consult their own financial, legal, tax, accounting or other advisers before making investment decisions.

## 3. Investment and Trading Risk

Investing and trading in securities, particularly small-cap, micro-cap, biotechnology, development-stage and highly volatile securities, involves substantial risk.

Securities discussed by BMF may experience rapid and significant price movements, trading halts, dilution, financing events, regulatory developments, litigation, clinical developments, insolvency or complete loss of value.

Short selling and the use of options and other derivatives may involve additional and potentially substantial risk.

No reader should enter into any transaction solely because of a BMF publication.

Past performance, prior research outcomes, historical price movements or prior campaign results are not guarantees of future results.

## 4. BMF May Have a Financial Interest

**THIS SECTION IS MATERIAL AND SHOULD BE READ CAREFULLY.**

BMF, its affiliates, principals, employees, contractors, investors, funds, managed vehicles or other persons associated with BMF may, where lawful, hold economic interests in securities or issuers discussed in BMF research.

Such interests may include, without limitation:

* short positions;

* long positions;

* put or call options;

* swaps;

* warrants;

* convertible securities;

* other derivative instruments; or

* other direct or indirect economic exposure.

Accordingly, BMF or affiliated persons may stand to realize gains if the price of a security discussed in BMF research moves in a particular direction, including a decline in price.

The existence and nature of a material position or economic interest should be disclosed in the applicable report or publication where required or appropriate.

Subject to applicable law and any express statement made in the particular publication, BMF and affiliated persons may increase, reduce, hedge, close, reverse or otherwise modify positions at any time.

Readers should not assume that a position existing at publication will remain unchanged.

Nothing in this disclosure should be interpreted as authorization for BMF or any affiliated person to make a false or misleading statement regarding an actual position, intended holding period, trading strategy, compensation arrangement or other material fact.

Where a BMF publication expressly describes a position, economic interest, trading intention or relationship, that description controls over generalized language contained in this notice.

## 5. Compensation and Third-Party Relationships

Any material financial arrangement relating to a specific research publication should be disclosed where required or appropriate.

Readers should not assume that BMF has or does not have a relationship with another investor, fund, researcher, source, publisher or market participant merely because no such relationship is discussed in a generalized website notice.

BMF will not knowingly characterize itself as economically independent with respect to a specific publication if a material undisclosed compensation or financial arrangement would make that characterization materially misleading.

Any report-specific compensation disclosure should be read together with the research itself.

## 6. Sources and Verification

BMF research may rely upon information obtained from sources including:

* SEC filings;

* court records;

* regulatory records;

* government databases;

* company disclosures;

* investor presentations;

* clinical-trial records;

* patents;

* scientific publications;

* property and corporate records;

* public websites;

* archived webpages;

* industry databases;

* market-data providers;

* interviews;

* correspondence;

* photographs;

* social-media material;

* third-party publications; and

* other publicly available or lawfully obtained information.

BMF endeavors to identify and rely upon sources it considers relevant and credible.

However, third-party information may be incomplete, delayed, incorrect, subsequently amended or subject to interpretation.

BMF does not guarantee that third-party information is complete or free from error.

Where reasonable and material to the analysis, readers are encouraged to review the underlying primary-source material themselves.

## 7. Facts, Opinions, Estimates and Inferences

BMF research may contain both statements of fact and expressions of opinion.

Opinions, estimates, valuations, projections, hypotheses and inferences reflect BMF's judgment based upon the information identified or available at the relevant time.

Statements such as “we believe,” “we estimate,” “we question,” “we infer,” “we expect,” “we view,” “appears,” “suggests,” “may,” or similar terminology generally identify analytical judgments, but the presence or absence of any particular wording does not independently determine the legal character of a statement.

BMF's opinions are intended to be evaluated together with the disclosed facts and reasoning supporting them.

Reasonable persons may interpret the same evidence differently.

Companies, executives, shareholders, analysts and other interested persons may disagree strongly with BMF's conclusions.

Such disagreement does not by itself establish that either side's interpretation is correct.

## 8. Allegations, Investigations and Legal Proceedings

The existence of an investigation, complaint, lawsuit, demand letter, subpoena, regulatory inquiry or allegation does not, standing alone, establish liability or wrongdoing.

Where BMF discusses allegations made by third parties, BMF intends to distinguish those allegations from adjudicated facts where reasonably practicable.

Persons and companies accused in civil or criminal proceedings may dispute the allegations against them and, where applicable, are entitled to the procedural protections afforded by law.

BMF will endeavor not to describe allegations as established facts when they remain contested or unresolved.

## 9. Company and Subject Responses

Where appropriate, BMF may contact a company, executive, director, representative, attorney or other subject of research for comment or clarification.

BMF may publish, summarize, quote from or link to responses where legally permissible and editorially relevant.

The absence of a response does not necessarily imply agreement with BMF's analysis.

Likewise, a response from a company or other subject does not necessarily invalidate BMF's analysis.

BMF maintains editorial control over its publications.

## 10. Corrections, Challenges and Additional Information

BMF takes material factual accuracy seriously.

Anyone who believes that a BMF publication contains a material factual error may submit supporting documentation to:

**[legal@bmfreports.com](mailto:legal@bmfreports.com)**

A correction request should identify:

1. the specific statement being challenged;

2. the factual basis for the challenge;

3. supporting primary documentation where available; and

4. the requested correction or clarification.

BMF may review credible evidence and, where appropriate, correct, clarify, supplement or update published material.

A correction, clarification or update does not necessarily mean that the broader thesis or analysis has changed.

BMF may maintain archived or versioned copies of prior publications for recordkeeping, historical, evidentiary or transparency purposes.

BMF is under no general obligation to update every publication to reflect every subsequent event.

## 11. Forward-Looking Analysis

BMF publications may contain expectations or assessments concerning future events, including:

* financing;

* dilution;

* liquidity;

* regulatory action;

* clinical results;

* litigation;

* acquisitions;

* restructurings;

* insolvency;

* commercial performance;

* securities prices;

* management actions; or

* other future developments.

Such statements inherently involve uncertainty.

Actual outcomes may differ materially from BMF's expectations.

A forecast or scenario should not be interpreted as a representation that the described event is certain to occur.

## 12. Valuations and Price Targets

Any valuation, downside estimate, scenario value or price target published by BMF constitutes an analytical estimate based upon assumptions identified or implicit in the analysis.

It is not a guarantee that a security will trade at that value.

Market prices may remain materially above or below BMF's valuation for extended periods or indefinitely.

Valuation assumptions may change without notice as new information becomes available.

## 13. No Guarantee of Completeness

Research is necessarily selective.

The fact that BMF discusses one fact, risk, person, transaction, event or source does not mean BMF has identified every fact or consideration relevant to an issuer.

No BMF publication should be treated as an exhaustive investigation of every issue associated with a company or security.

## 14. No Duty to Update

Except as required by applicable law or expressly undertaken by BMF, BMF assumes no obligation to continuously update previously published research.

BMF may modify, supplement, withdraw, correct or leave unchanged any publication as circumstances warrant.

The absence of a later update should not be interpreted as confirmation that every statement remains current.

## 15. Material Nonpublic Information and Unlawfully Obtained Material

BMF does not authorize hacking, unauthorized computer access, theft, bribery, impersonation, unlawful surveillance, unlawful interception or other illegal methods of obtaining information.

Persons submitting information to BMF should not provide information they are legally prohibited from disclosing.

BMF reserves the right to decline, delete, quarantine or refer material where appropriate.

Receipt of information does not mean BMF agrees that it is lawful to possess, publish or trade upon that information.

BMF may seek independent legal advice before using sensitive information.

## 16. Confidential Sources and Tips

BMF may receive information from confidential or anonymous sources.

Submission of information does not create an attorney-client, fiduciary, employment, agency or contractual relationship with BMF.

Unless BMF expressly agrees otherwise in writing, BMF does not guarantee confidentiality, anonymity, publication, compensation or any particular treatment of submitted material.

Submitters remain responsible for complying with obligations legally applicable to them.

BMF reserves complete editorial discretion regarding whether and how submitted information is investigated or published.

## 17. Intellectual Property and Public Records

BMF publications may quote, reproduce, summarize, criticize or reference portions of third-party materials for purposes including research, reporting, commentary, criticism and analysis.

All third-party trademarks, company names, product names and logos remain the property of their respective owners.

Reference to a company or trademark does not imply affiliation, sponsorship or endorsement.

BMF claims rights in its original research, writing, design, graphics, branding and compilations to the extent provided by applicable law.

Unauthorized commercial republication or misrepresentation of BMF material may be prohibited.

## 18. Third-Party Websites

BMF may link to external websites, records or databases.

BMF does not control third-party websites and is not responsible for their availability, security, accuracy, policies, subsequent modification or content.

A link does not constitute endorsement.

## 19. Media Appearances and Social Media

Statements made by BMF representatives in interviews, podcasts, television appearances, conferences, social-media posts or other forums may be abbreviated versions of more extensive research.

Readers should consult the underlying publication and cited source material where available.

No isolated statement should automatically be assumed to contain every qualification, source or disclosure contained in the underlying research.

## 20. No Reliance

Users access and rely upon BMF content at their own risk.

Each reader is responsible for independently evaluating the accuracy, significance and relevance of information before acting upon it.

BMF does not undertake to determine whether any security or strategy is suitable for a particular reader.

## 21. Limitation of Liability

To the maximum extent permitted by applicable law, BMF and its affiliates, members, managers, officers, employees, contractors, agents and representatives shall not be liable for losses allegedly arising from reliance upon this website or BMF research, including investment losses, trading losses, lost profits or consequential damages.

Nothing in these terms is intended to exclude or limit liability that cannot lawfully be excluded or limited.

Nothing in these terms should be interpreted as waiving any obligation imposed upon BMF by applicable securities, fraud, consumer-protection or other laws.

## 22. Website Availability and Security

BMF does not guarantee uninterrupted access to its website.

Content may be unavailable because of maintenance, security measures, legal disputes, technical failures or other circumstances.

BMF may modify, restrict, suspend or discontinue website features or publications at any time.

## 23. Prohibited Use

Users may not use BMF's website to:

* attempt unauthorized access to BMF systems;

* introduce malicious code;

* impersonate BMF or its personnel;

* falsely attribute statements to BMF;

* alter BMF material in a manner falsely suggesting the alteration originated from BMF;

* unlawfully collect personal information;

* interfere with website operation; or

* violate applicable law.

## 24. No Waiver of Editorial or Legal Rights

Nothing contained in this website, correction process or communications policy constitutes a waiver of any constitutional, statutory, common-law, journalistic, evidentiary, procedural or other right or defense available to BMF.

The decision to correct, remove, revise, temporarily disable or investigate material should not be interpreted as an admission that the original publication was unlawful, inaccurate, defamatory or otherwise actionable.

Likewise, the decision not to modify a publication should not be interpreted as a refusal to consider additional credible information.

## 25. Preservation of Evidence

BMF may preserve research files, communications, source materials, publication drafts, website versions, trading records and other materials for legal, compliance, editorial or recordkeeping purposes.

Nothing in these terms authorizes destruction, modification or concealment of materials subject to an existing or reasonably anticipated legal preservation obligation.

## 26. Communications From Attorneys, Companies and Shareholders

Legal demands, notices, correction requests, preservation demands and other formal communications concerning BMF publications should be directed to:

**[legal@bmfreports.com](mailto:legal@bmfreports.com)**

Sending correspondence to another employee, social-media account or unrelated address does not guarantee immediate review by the appropriate person.

BMF reserves all rights with respect to any allegation, demand or threatened proceeding.

Nothing about receipt, acknowledgment, investigation or response to correspondence constitutes an admission of liability or waiver of any defense.

## 27. Governing Law and Forum

To the extent permitted by applicable law, disputes arising solely from a user's access to or contractual use of this website and these Terms shall be governed by the laws of the State of Arizona, without regard to conflict-of-law principles.

Any applicable forum-selection provision is intended to apply only to persons legally bound by these Terms and should not be interpreted as creating jurisdiction where jurisdiction would otherwise be absent.

Nothing in this provision limits rights or remedies that cannot lawfully be limited by agreement.

## 28. Severability

If any provision of these Terms is determined to be invalid or unenforceable, that provision shall be limited or severed to the minimum extent necessary, and the remaining provisions shall remain in effect to the extent permitted by law.

## 29. Changes to These Terms

BMF may revise these Terms periodically.

The effective date appearing above identifies the current version.

Continued website use following publication of revised Terms constitutes acceptance to the extent permitted by applicable law.

## 30. Final Research Disclosure

BMF research is adversarial by nature.

Its purpose may include questioning representations made by publicly traded companies, management teams, promoters, investors and other market participants.

BMF may reach conclusions that are sharply negative.

The strength of the language used in a publication does not eliminate BMF's obligation to distinguish evidence, inference, opinion and allegation.

Readers should evaluate the evidence themselves.

Companies and individuals discussed by BMF remain free to dispute BMF's findings and provide contrary evidence.

Where BMF maintains an economic position relating to the subject of its research, readers should assume that BMF's financial interests may differ materially from their own and should review the applicable position disclosure before making any investment decision.

**Legal correspondence:** [legal@bmfreports.com](mailto:legal@bmfreports.com)