S-1/A: Chenghe III Amends IPO: Asia Focus, SPAC Risks Detailed

Sentiment:

S-1/A Registration Statement 9 September 2025 6:30 AM

📋All filings for Chenghe Acquisition Iii CO

Chenghe Acquisition III Co., a blank check company, filed an amended S-1 registration statement detailing its $110 million IPO, Asia-focused strategy, and significant risks associated with its China ties and SPAC structure.

Delay expectedThe company has an 18-month completion window from the closing of the offering to consummate an initial business combination.The company may seek shareholder approval to amend its amended and restated memorandum and articles of association to modify or extend this completion window.Failure to complete a business combination within the completion window will result in liquidation, with public shareholders receiving approximately $10.00 per share (or less in certain circumstances) and warrants expiring worthless.

Capital raiseThe company may seek additional financing through equity or convertible debt issuances to complete an initial business combination or fund operations, which could significantly dilute public shareholders.Loans from Cayman Sponsor or affiliates, up to $1,500,000, may be convertible into private placement-equivalent units at $10.00 per unit at the lender's option.The company intends to target businesses with enterprise values greater than what can be acquired with current net proceeds, necessitating additional financing.

Worse than expectedPublic shareholders will experience immediate and substantial dilution of approximately 109.10% from the initial offering price, assuming no value is ascribed to the warrants and a maximum redemption scenario.The nominal purchase price paid by co-sponsors for founder shares ($0.006 per share) creates a significant disparity in investment cost compared to public shareholders, allowing sponsors to profit even if the stock declines significantly.The company's financial statements show a working capital deficit of $(847,508) and a net loss of $(43,257) for the six months ended June 30, 2025, indicating a lack of operational revenue and reliance on external funding.

Summary

Chenghe Acquisition III Co. is a blank check company seeking a business combination with one or more businesses or entities, focusing on growing companies in Asian markets or global companies with an Asia presence.
The initial public offering consists of 11,000,000 units at $10.00 per unit, each comprising one Class A ordinary share and one-half of one redeemable warrant.
Co-sponsors and BTIG have committed to purchase an aggregate of 375,000 private placement units at $10.00 per unit, totaling $3,750,000.
Approximately $110,000,000 from the offering and private placement will be deposited into a trust account, to be released upon completion of an initial business combination or liquidation.
The company has 18 months from the closing of the offering to complete an initial business combination, or face liquidation.
Public shareholders will experience immediate and substantial dilution of approximately 109.10% due to the nominal price paid by co-sponsors for founder shares ($0.006 per share).
The company's management team has extensive experience in SPAC transactions, having sponsored and led multiple U.S.-listed SPACs, including Chenghe Acquisition Co. (SELX), Chenghe Acquisition I Co. (KBSX), and Chenghe Acquisition II Co. (PLBL).
The Asia-Pacific IPO market saw 488 companies go public in 2024, raising $34.94 billion, a 35% decline in company count and 51% fall in capital raised year-over-year.
The e-commerce market in Asia-Pacific is projected to grow at a CAGR of 6.39% from 2023 to 2027, reaching $5,108.8 billion by 2027.
The smart home market in Asia is forecasted to expand at an annual growth rate of 12.12% between 2024 and 2028, reaching a projected market volume of $95.8 billion by 2028.

Sentiment

Score: 3

Explanation: The filing presents a high-risk investment due to significant immediate dilution for public shareholders, numerous conflicts of interest with management and sponsors, and substantial regulatory and geopolitical risks associated with its China/Hong Kong ties. While the Asia market presents growth opportunities, the inherent SPAC risks, coupled with the specific challenges outlined, suggest a cautious outlook.

Positives

The management team possesses extensive experience and deep networks globally and within the Asia-Pacific region, which is expected to aid in sourcing and evaluating promising investment opportunities.
Chenghe Group, the co-sponsor's affiliate, has a demonstrated track record in SPAC transactions, having successfully guided multiple companies through the DeSPAC process to U.S. public markets.
The company intends to focus on growing companies in Asian markets or global businesses with an Asia presence, capitalizing on the region's robust economic growth, particularly in consumer and e-commerce verticals.
Asia is expected to represent approximately 50% of global GDP and 40% of global consumption by 2040, indicating significant market potential for target businesses.
The company aims to identify 'public ready' companies with strong fundamentals, robust corporate governance, and existing reporting policies suitable for public market scrutiny.

Negatives

Public shareholders will incur immediate and substantial dilution of approximately 109.10% upon the closing of this offering, assuming no value is ascribed to the warrants.
Co-sponsors and management may have conflicts of interest due to their nominal purchase price for founder shares ($0.006 per share), creating an incentive to complete a business combination even if it is unprofitable for public shareholders.
The company faces significant legal and operational risks due to its co-sponsors and most officers/directors having ties to Hong Kong and/or mainland China, including potential Chinese government intervention or influence over operations and target search.
Uncertainties in the interpretation and enforcement of PRC laws and regulations, and rapid changes in policies, could limit legal protection and adversely affect business operations, especially if a PRC target company is acquired.
Trading in the company's securities may be prohibited under the HFCAA if the PCAOB determines it cannot inspect or fully investigate the auditor for two consecutive years, leading to potential delisting from Nasdaq.
The company may be a Passive Foreign Investment Company (PFIC), which could result in adverse U.S. federal income tax consequences for U.S. investors.
The requirement to complete an initial business combination within 18 months may give potential target businesses leverage in negotiations and limit due diligence time.
Redemption of a large number of public shares could make the company's financial condition unattractive to potential targets or necessitate dilutive additional financing.
The company is a blank check company with no operating history or revenues, providing no basis to evaluate its ability to achieve its business objective.

Risks

Immediate and substantial dilution to public shareholders due to the nominal price paid by co-sponsors for founder shares.
Conflicts of interest for management and co-sponsors in identifying and selecting a target business, as their investment may become worthless if no business combination is completed.
Potential for Chinese government oversight and intervention in operations, including the search for a target company, due to co-sponsors and management ties to mainland China and/or Hong Kong.
Uncertainties in the interpretation and enforcement of PRC laws and regulations, including those related to foreign investment, cybersecurity, and data privacy, which could materially affect business operations and the value of securities.
Risk of delisting from Nasdaq under the Holding Foreign Companies Accountable Act (HFCAA) if the PCAOB cannot inspect the company's auditor for two consecutive years, especially if a PRC target company is acquired.
Restrictions on cash transfers between entities and across borders, and limitations on dividend payments, if a PRC Target Company is acquired, due to Chinese exchange controls and regulations.
The company may be deemed an investment company under the Investment Company Act, leading to burdensome compliance requirements and restricted activities.
Competition from other SPACs, private equity groups, and operating businesses for attractive acquisition targets, potentially increasing acquisition costs or making it harder to find a suitable target.
Potential for U.S. federal share repurchase excise tax if the company domesticates as a U.S. corporation and redeems Class A ordinary shares, which could reduce cash available for redemptions or target contributions.
Adverse developments in the financial services industry, including liquidity issues or defaults by financial institutions, could impair the value of assets in the trust account.
Changes in U.S.-China trade relations, tariffs, and restrictions on cross-border transactions may limit the pool of potential target businesses or negatively impact the value of a business combination.
The company may be a Passive Foreign Investment Company (PFIC), resulting in adverse U.S. federal income tax consequences for U.S. investors.
The warrant agreement's exclusive forum provision may limit warrant holders' ability to obtain a favorable judicial forum for disputes.

Future Outlook

The company intends to capitalize on its team's experience and networks to identify and acquire growing companies in Asian markets or global businesses with an Asia focus. It anticipates an uptick in new issuances in Asia in 2025 and 2026, driven by consumer and e-commerce growth, and the expanding smart home market. The company expects to incur increased expenses as a public company and in pursuit of its initial business combination. It aims to complete a business combination within 18 months of the IPO closing.

Management Comments

Management believes the team's global insights and experience will allow them to identify suitable public-ready companies with solid fundamentals primed for growth and multiple expansion.
Management believes the team's extensive sector and transaction experience, along with corporate relationships, will provide a broad array of contacts for potential DeSPAC targets and strategic investors.
Management believes the team is well-positioned to effectively source and evaluate promising investment opportunities that can benefit from their expertise and capabilities to create long-term shareholder value.
Management believes the unit structure, with one-half of one warrant per unit, makes the company a more attractive business combination partner by reducing the dilutive effect of warrants compared to units with whole warrants.
Management believes that the funds available outside the trust account, combined with potential additional funding from Cayman Sponsor and affiliates, will be sufficient to operate for at least the completion window.

Industry Context

The filing highlights a challenging Asia-Pacific IPO market in early 2024, with limited liquidity and weakened confidence, leading many companies to postpone public offerings. However, cross-border listings increased by 53% year-over-year in 2024, with Greater China and Singapore leading in U.S. international listings. The company anticipates an uptick in new issuances in 2025 and 2026, driven by financially robust enterprises delaying IPOs. Key growth drivers in Asia include increasing consumer income, robust digital ecosystems, and rapid e-commerce expansion (CAGR of 6.39% from 2023-2027). The smart home market in Asia is also projected for significant growth (12.12% CAGR from 2024-2028). The SPAC market generally faces increased competition for attractive targets and a negative public perception of SPAC mergers, which could increase costs and hinder deal completion.

Comparison to Industry Standards

Previous Chenghe Group-sponsored SPACs have shown mixed post-business combination performance: Chenghe Acquisition Co. (SELX) traded at $1.08 as of September 4, 2025, after significant redemptions (26.6% and 47.9%).
Chenghe Acquisition I Co. (KBSX) traded at $1.64 as of September 4, 2025, following multiple extensions and high redemption rates (56.9%, 29.6%, 10.3%, and 38.2%).
Chenghe Acquisition II Co. (PLBL) traded at $10.49 as of September 4, 2025, after 60.6% of public shares were redeemed.
The company's unit structure, offering one-half of one warrant per unit, is presented as a strategy to reduce dilution compared to other SPACs that offer whole warrants, aiming to be a more attractive merger partner.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Board Structure	The board of directors will consist of five members and will be divided into three classes, with only one class of directors being appointed each year, each serving a three-year term.	Upon commencement of trading of securities on Nasdaq	This staggered board structure may discourage unsolicited takeover proposals and entrench management, limiting shareholder influence over director appointments prior to a business combination.
Director Voting Rights	Only holders of Class B ordinary shares will have the right to elect and remove all directors prior to the initial business combination; Class A ordinary shareholders will not have this right during that time.	Prior to initial business combination	Concentrates control over board composition in the hands of initial shareholders (co-sponsors) before a business combination, potentially leading to decisions that align with their interests over public shareholders'.
Exclusive Forum Provision (Warrant Agreement)	The warrant agreement designates New York courts (County of New York or Southern District of New York) as the sole and exclusive forum for certain actions and proceedings initiated by public warrant holders, including under the Securities Act.	Upon effectiveness of warrant agreement	May limit warrant holders' ability to choose a favorable judicial forum, potentially increasing costs and discouraging certain lawsuits against the company. Does not apply to Exchange Act claims.
Exclusive Forum Provision (Memorandum and Articles of Association)	The amended and restated memorandum and articles of association designate Cayman Islands courts as the exclusive forum for certain disputes between the company and its shareholders, including derivative actions and claims of breach of fiduciary duty.	Upon adoption prior to IPO consummation	May increase costs and limit shareholders' ability to bring claims in a preferred judicial forum, potentially discouraging lawsuits against the company and its directors/officers. Does not apply to Securities Act or Exchange Act claims.
Committee Establishment	Establishment of an audit committee, compensation committee, and nominating and corporate governance committee, each composed solely of independent directors.	Upon effectiveness of registration statement	Aims to enhance corporate governance and oversight, particularly regarding financial reporting, executive compensation, and director nominations, aligning with Nasdaq and SEC requirements.
Code of Business Conduct and Ethics	Adoption of a Code of Business Conduct and Ethics applicable to directors, officers, and employees.	Prior to IPO consummation	Establishes ethical standards and guidelines for company personnel, promoting integrity and compliance.
Related Party Transaction Policy	The audit committee will adopt a policy for reviewing and approving or ratifying related party transactions exceeding $120,000 or 1% of average total assets.	Upon audit committee adoption	Aims to mitigate conflicts of interest arising from related party dealings, ensuring transactions are on terms comparable to arms-length dealings and in the best interest of the company and shareholders.

Related Party Transactions

Cayman Sponsor paid $25,000 for 4,312,500 founder shares (Class B ordinary shares) at approximately $0.006 per share.
Cayman Sponsor forfeited 95,833 Class B ordinary shares and transferred 1,852,000 founder shares to Delaware Sponsor for $11,112.
Co-sponsors (Cayman Sponsor and Delaware Sponsor) committed to purchase an aggregate of 265,000 private placement units at $10.00 per unit, totaling $2,650,000.
BTIG, the underwriter, committed to purchase 110,000 private placement units at $10.00 per unit, totaling $1,100,000.
The company will pay Cayman Sponsor $15,000 per month for office space, secretarial, and administrative services, commencing upon Nasdaq listing and ceasing upon business combination or liquidation.
Cayman Sponsor loaned the company up to $300,000 for offering-related and organizational expenses, which will be repaid upon closing of the offering.
Co-sponsors or their affiliates, or certain officers and directors, may provide non-interest bearing working capital loans up to $1,500,000, convertible into private placement-equivalent units at $10.00 per unit.
Co-sponsors, officers, and directors have waived redemption rights for founder shares and private placement shares, and rights to liquidating distributions from the trust account for these shares if no business combination is completed.

Stakeholder Impact

Shareholders: Public shareholders face immediate and substantial dilution (109.10%) due to the low cost basis of founder shares held by sponsors. They have redemption rights but may lose investment if no business combination is completed or if the stock price declines post-merger.
Sponsors/Management: Co-sponsors and management have a significant economic incentive to complete a business combination, even if it's with a riskier target, due to their nominal investment in founder shares and potential for substantial profit. They control director appointments prior to a business combination.
Employees: The filing does not mention current employees beyond executive officers. Post-business combination, the impact on employees of the target business will depend on integration plans and management retention.
Customers/Suppliers: Impact on customers and suppliers of a future target business is currently unknown, as no target has been identified. The company's strategy to enhance operational efficiencies could indirectly affect these relationships.
Creditors: The trust account is designed to protect public shareholders, but proceeds could be subject to claims of creditors if waivers are not obtained or enforced, potentially reducing the per-share redemption amount.

Next Steps

Complete the initial public offering and list units on Nasdaq under the symbol CHECU.
Begin the process of communicating with networks to search for a potential target for an initial business combination.
Conduct thorough due diligence on prospective target businesses, including financial, operational, and legal reviews.
Negotiate and sign a letter of intent or other preliminary agreement for an initial business combination.
Seek additional financing if required to complete the initial business combination or fund the target business's operations and growth.
File a post-effective amendment to the registration statement or a new registration statement covering Class A ordinary shares issuable upon warrant exercise within 15 business days after closing of the initial business combination.

Key Dates

Date	Description
2002	Richard Li advised Shanghai Pudong Development Bank on forming a business alliance and credit card joint venture with Citibank.
2003	Dr. Shibin Wang began managing a fixed-income portfolio at China Development Bank.
2004	Qingjian Wang earned an LLB degree from Shanghai Fudan University.
2006	Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (M&A Rules) adopted by six PRC regulatory agencies.
2007	Kwan Sun served as a managing director at Morgan Stanley in the structured products department.
2007-04-06	SAFE issued Operating Procedures for Administration of Domestic Individuals Participating in the Employee Stock Ownership Plan or Stock Option Plan of An Overseas Listed Company (Circular 78).
2008	PRC Antitrust Law became effective. Dr. Shibin Wang worked at FICC Goldman Sachs.
2009	Qingjian Wang earned an LLM degree from the University of California, Berkeley. M&A Rules amended.
2009-02-20	Notice of the State Administration of Taxation on Issues regarding the Administration of the Dividend Provision in Tax Treaties promulgated.
2010	Dr. Shibin Wang became an executive director and head of China structure solutions at Deutsche Bank Hong Kong. Ningrong Liu became Director at the Institute for China Business at the University of Hong Kong.
2011-03	Circular of the General Office of the State Council on the Establishment of Security Review System for the Merger and Acquisition of Domestic Enterprises by Foreign Investors became effective.
2011-09	Rules on Implementation of Security Review System for the Merger and Acquisition of Domestic Enterprises by Foreign Investors issued by MOFCOM became effective.
2015-02-03	State Administration of Taxation issued Circular on Issues of Enterprise Income Tax on Indirect Transfers of Assets by Non-PRC Resident Enterprises (SAT Circular 7).
2015-06-01	Circular 19, replacing SAFE Circular 142, Circular 59, and Circular 45, became effective.
2016-06-09	Circular 16, reforming and standardizing foreign exchange settlement management policy of capital account, became effective.
2017-10-17	State Administration of Taxation issued Circular on Issues Concerning the Withholding of Income Tax of Non-resident Enterprises at Source (SAT Circular 37).
2017-12-01	SAT Circular 37 became effective.
2018	Kwan Sun founded Millburn Advisory LLC. Dr. Shibin Wang advised Intelligent Investment Chain Foundation. Qingjian Wang became a partner at Haiwen & Partners LLP. Dr. Shibin Wang co-founded Hong Kong Digital Asset Ex Ltd. Richard Li became CEO of Great Wall Pan Asia Asset Management Ltd.
2018-04-01	Announcement of the State Administration of Taxation on Issues Relating to Beneficial Owner in Tax Treaties took effect.
2019-01	International Tax Co-operation (Economic Substance) Act (Revised) (Substance Act) came into force in the Cayman Islands.
2019-04	Dr. Shibin Wang became Chief Business Officer and board member of HKbitEX.
2020-01-01	Foreign Investment Law took effect.
2020-03	Newly amended PRC Securities Law (Article 177) became effective.
2020-06	Qingjian Wang became sole director of Jabez Capital Limited.
2020-12-18	Holding Foreign Companies Accountable Act (HFCAA) enacted.
2021-01-18	Measures for the Security Review of Foreign Investments (FISR Measures) became effective.
2021-07-06	Opinions on Severe and Lawful Crackdown on Illegal Securities Activities issued by General Office of the Central Committee of the Communist Party of China and the General Office of the State Council.
2021-07-10	CAC published Circular on Seeking Comments on Cybersecurity Review Measures (Revised Draft for Comments).
2021-09-01	PRC Data Security Law took effect.
2021-11-01	PRC Personal Information Protection Law (PIPL) took effect.
2021-12-02	SEC issued amendments to finalize rules implementing HFCAA submission and disclosure requirements.
2021-12-16	PCAOB issued a report determining inability to inspect or investigate completely registered public accounting firms headquartered in China.
2022-02-15	New Measures for Cybersecurity Review (CRM) became effective.
2022-06-24	Decision of the Standing Committee of the National People's Congress to Amend the Antitrust Law of the People's Republic of China adopted.
2022-08-01	Decision to Amend the Antitrust Law became effective.
2022-08-26	PCAOB signed a Statement of Protocol (SOP) with the China Securities Regulatory Commission (CSRC) and the Ministry of Finance of China.
2022-09	Ningrong Liu became an Associate Vice President and Professor at The University of Hong Kong.
2022-12-15	PCAOB announced complete access to inspect and investigate audit firms in mainland China and Hong Kong.
2022-12-29	Accelerating Holding Foreign Companies Accountable Act signed into law, amending HFCAA to two consecutive years for delisting.
2023-02-17	CSRC promulgated the Trial Measures, effective March 31, 2023.
2023-03	Lyle Wang joined Chenghe Group's investment team.
2023-04-13	Holders of 7,399,517 Chenghe Acquisition I Co. public shares elected to redeem in connection with an extension.
2023-08	Houston Li served as an executive on the fund placement team at Campbell Lutyens.
2023-09	Chenghe Group acquired LatAmGrowth SPAC, renamed it Chenghe Acquisition I Co.
2023-10	Dr. Shibin Wang became Chairman of the board of Chenghe Acquisition I Co. Kwan Sun became a director of Chenghe Acquisition I Co.
2023-10-26	Holders of 1,658,610 Chenghe Acquisition I Co. Class A ordinary shares elected to redeem in connection with an extension.
2023-11	FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.
2024-06-04	Company incorporated as a Cayman Islands exempted company. Adopted ASU 2023-07.
2024-06	Chenghe Acquisition II Co. consummated its initial public offering. Lyle Wang became CFO of Chenghe Acquisition I Co. Kwan Sun became a director of Chenghe Acquisition II Co.
2024-07	Houston Li joined Chenghe Group's investment team as an Associate.
2024-09-17	Chenghe Acquisition II Co. entered into a business combination agreement with Polibeli Group Ltd.
2024-10	Houston Li became an Associate at CBC Securities. Kwan Sun became a director of Chenghe Acquisition I Co.
2024-10-25	Holders of 407,442 Chenghe Acquisition I Co. Class A ordinary shares elected to redeem in connection with an extension.
2024-12	Lyle Wang became CFO and director of the company. Houston Li became COO of the company.
2024-12-05	Cayman Sponsor paid $25,000 for 4,312,500 founder shares. Company entered into a promissory note with Cayman Sponsor for up to $300,000.
2024-12-23	Holders of 1,754,618 Chenghe Acquisition I Co. public shares elected to redeem in connection with FST business combination approval.
2024-12-31	Company's fiscal year end. Net loss of $32,592 and working capital deficit of $159,729.
2025-01	Dr. Shibin Wang became CEO and Chairman of the board. Lyle Wang became a director of Chenghe Acquisition II Co. Chenghe Acquisition I Co. consummated its initial business combination with Femco Steel Technology Co. Ltd. (FST).
2025-01-27	Chenghe Acquisition I Co. filed a Form 15, de-registering its securities.
2025-01-31	Audit Alliance LLP's report date for Chenghe Acquisition III Co.'s financial statements.
2025-02	Chenghe Acquisition Co. consummated its initial business combination with Taiwan Color Optics, Inc.
2025-02-26	Chenghe Acquisition Co. filed a Form 15, de-registering its securities.
2025-03-14	Polibeli filed a Registration Statement on Form F-4.
2025-03-28	Polibeli's Registration Statement on Form F-4 amended.
2025-03-31	Polibeli's Registration Statement on Form F-4 declared effective by the SEC.
2025-05	Kwan Sun served as a director at Semilux International Ltd until this month. Chenghe Acquisition II Co. held an extraordinary general meeting of shareholders, approving the business combination with Polibeli.
2025-06-30	Cayman Sponsor forfeited 95,833 Class B ordinary shares and transferred 1,852,000 founder shares to Delaware Sponsor. Company's unaudited balance sheet date, showing a net loss of $43,257 and working capital deficit of $847,508 for the six months ended.
2025-07-04	President Trump signed the One Big Beautiful Bill Act (OBBA) into law.
2025-07-17	Holders of 5,422,530 Chenghe Acquisition II Co. public shares elected to redeem in connection with the extraordinary general meeting.
2025-08-07	Business combination among Chenghe Acquisition II Co., Polibeli and Merger Sub closed.
2025-08-08	Polibeli began trading on the Nasdaq Global Market using the ticker PLBL.
2025-09-04	SELX share price was $1.08. KBSX share price was $1.64. PLBL share price was $10.49.
2025-09-09	Date of filing of Amendment No. 4 to Form S-1 Registration Statement.
2026-12-31	Promissory note from Cayman Sponsor due date.

Recommendation

strong sell

The S-1/A filing reveals an investment with exceptionally high risk and unfavorable terms for public shareholders. The 'immediate and substantial dilution' of 109.10% means public investors are underwater from day one, while sponsors acquired shares at a nominal $0.006. This creates a severe conflict of interest, incentivizing sponsors to complete any deal, regardless of its value to public shareholders. Furthermore, the company's deep ties to China and Hong Kong expose it to significant and unpredictable geopolitical, regulatory, and legal risks, including potential delisting under the HFCAA and restrictions on cash transfers. The historical performance of previous Chenghe-sponsored SPACs, with two trading significantly below IPO price and high redemption rates, further underscores the poor track record. Given the extreme dilution, inherent conflicts, and substantial China-related uncertainties in a challenging SPAC market, a seasoned investor would view this as a 'strong sell' due to the high probability of capital loss.

Keywords

SPAC, Blank Check Company, Asia Markets, IPO, SEC Filing, Financial Dilution, China Risks, Corporate Governance, Mergers and Acquisitions, Investment Opportunities, E-commerce Asia, Smart Home Market, Nasdaq Listing, Warrants, Founder Shares

Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.