Bonitas Research

Bonitas Is Short Serve Robotics (Nasdaq: $SERV). Vebu Deal Unjustly Enriched $SERV Insiders; Rollout Only 3% of Guidance; $UBER Using Competing Robots; Failed Partnership with Magna; Increased Competition; Insider Sales. Full Report at bonitasresearch.com

$SERV faces significant competition for last-mile delivery and falls behind on its hyped competitive advantages. Serve’s largest investor opted to use alternative competing sidewalk delivery robots. Serve’s software is no longer of interest to its exclusive manufacturer. Serve failed to achieve commercial interest from other third-party food delivery services. With little/no commercial interest (including from related parties), a significant cash burn and a low probability of scaling up to 2,000 robots by CYE’25, we are short SERV and think its stock is going significantly lower. Full Report at bonitasresearch.com

LARGEST INVESTOR UBER EATS USING COMPETITORS IN THE US AND ABROAD: We view $SERV largest investor and delivery customer, Uber Eats, signing sidewalk robot deals with Serve’s competitors, Avride and Coco Robotics as a clear reflection of Serve’s shortcomings. Other food delivery platforms that are not Serve customers, such as DoorDash and GrubHub, opted for competitor robots or in-house solutions. We believe that these platforms are choosing competing sidewalk robots because the competing offerings cost are 90% less than Serve’s robots.

Bonitas Is Short Serve Robotics (Nasdaq: $SERV). Vebu Deal Unjustly Enriched $SERV Insiders; Rollout Only 3% of Guidance; $UBER Using Competing Robots; Failed Partnership with Magna; Increased Competition; Insider Sales. Full Report at bonitasresearch.com

Bonitas is Short Byrna (Nasdaq: $BYRN) Overstated Premier Dealership Count; Stagnant Amazon Sales and Google Trends; Increased Competition; Insider Sales; CFO Turnover We are short BYRN and think its stock is going lower. Full report at bonitasresearch.com

Bonitas is Short Cibus (Nasdaq: $CBUS). We found no evidence that Cibus’ gene-editing technology brings desirable new crops to market. Instead, we found farmer complaints of lower crop yields and lost revenues, along with multiple examples of large seed manufacturers and distributors walking away from joint ventures and partnerships with Cibus for a variety of seed types and seed traits including canola, rice, corn, potato, wheat, flax, yeast, bacteria, and microorganisms. While $CBUS entire business model relied on its trait machine allowing for “precision gene editing”, Cibus claimed its SU Canola wasn’t actually gene-edited, rather the result of an accident in a laboratory petri dish. As of 1Q’24, $CBUS had ~US$ 24 million in cash balance, burned ~US$ 5 million in cash per month and generated less than ~US$ 200,000 in monthly revenues. Full report at bonitasresearch.com

Bonitas is Short AFC Gamma (Nasdaq: $AFCG). We think that AFCG materially overstated AFCG’s investment income and understated portfolio losses in order to pay out exorbitant fees to Tannenbaum’s AFCM at the expense of AFCG shareholders. Full report at bonitasresearch.com

With significant liabilities managed by bad actors willing to enrich themselves at the expense of minority $HROW shareholders, we are short Harrow and think its stock is going lower. (7/x) full report bonitasresearch.com

$HROW burns cash from operations and relies on external financing for survival. We think Harrow did not disclose to investors the existence of a DOJ investigation because it would have compromised Harrow’s ability to raise capital. (6/x)

Bonitas is Short Harrow Health ($HROW). Harrow sells prescription eye drugs in the United States. U.S. DOJ Investigation, FDA Hurricane: Regulatory Meeting, Recall, Inspection, Warning Letter; Weak Novartis Drug Sales (1/x)

We are short $FREY. Full report and disclosure at bonitasresearch.com

$FREY is a pre-revenue company that continues to invest heavily in land secretly owned by FREY insiders with no discernable proprietary technology that (somehow) obtained a US$ 2 billion valuation using a SPAC merger in 2021. (10/x)

Bonitas is Bonitas is short $FREY. Evidence shows FREY’s Mo i Rana Giga Arctic battery factory land site is owned by undisclosed $FREY insiders. (1/x) #GigaArctic @FREYRBattery