批准：深度数据分析显示APP只是另一个欺诈性广告技术公司

Approximately 52% of e-commerce Sales is Retargeting, with Incrementality of Only ~25%-35%. We Estimate Q1 2025 Churn is ~23%. APP’s Code Evidences its Business is Built onSystematically Violating Third Party Platforms’ TOS. March 27, 2025 Asofthetimeanddateofthisreport,MuddyWaters(definedbelow)isshortthesecuritiesof,orderivativeslinkedtoApprovingCorporation(the“CoveredIssuer”).Uponpublication,weintendtobegincoveringasubstantialmajority–possiblyall–ofourshortpositions.Asweelaboratebelow,ourriskreductionisnotareflectionofalackofconvictioninouropinionsorthefactspresented;rather,ithastodowithmanagingriskinamannerthatisprudentforafiduciaryofourinvestors’money. ThisreporthasbeenpublishedbyMuddyWaters,LLC(“MuddyWatersResearch”or“we”or“us”).MuddyWatersResearchisundercommoncontrolandaffiliatedwithMuddyWatersCapitalLLC(“MuddyWatersCapital”).MuddyWatersResearchisanonlineresearchpublicationthatproducesduediligence-basedreportsonpubliclytradedsecurities,andMuddyWatersCapitalLLCisaninvestmentadviserregisteredwiththeU.S.SecuritiesandExchangeCommission.ThispresentationisthepropertyofMuddyWatersResearch.MuddyWatersResearchandMuddyWatersCapital,collectivelytheirrespectiveaffiliatesandrelatedparties,including,butnotlimitedtoanyprincipals,officers,directors,employees,members,clients,investors,consultantsandagents,arereferredhereintoas“MuddyWaters”.MuddyWaterswillcontinuetransactinginthesecuritiesofCoveredIssuerforanindefiniteperiodafterthisreportontheCoveredIssuer,andwemaybenetshort,netlongorflatpositionsintheCoveredIssuer’ssecuritiesaftertheinitialpublicationofthis report,regardlessofourinitialpositionandviewsherein.Wearea“forprofit”journalisticorganizationwithanon-traditionalrevenuemodel–ratherthanacceptingadvertisingmoneyorsubscriptions,wefinanceourjournalismthroughtakingpositionsinthesecuritiesofcompaniesonwhichwereport.Thisrevenue modelenablesustoreportingreatdepthonalimitednumberofinvestigations,andalsoentailsourtakingsignificantfinancialriskonbehalfofourselvesandourclients.Inordertomanagerisk,wemustcloseopenpositionsaswedeemprudent.Wedonotprovide“pricetargets”,althoughwemayexpressouropinionofwhatthesecurityisworth.Anopinionofthevalueofasecuritydiffersfromapricetargetinthatwedonotpurporttohaveanyinsightastohowthemarketasawholemightvalueasecurity–wecanonlyspeakforhowwe,ourselves,viewitsvalue.Wethereforedonotholdapositionuntilitreachesacertainpricetarget,nordoweholdpositionsuntiltheyreachthepriceatwhichwehaveexpressedavaluationopinion.Therearenumerousfactorsthatenterintoinvestmentdecisionsasidefromopinionsofthevalueofthesecurity,includingwithoutlimitation,theborrowcostofashortedsecurity,thepotentialfora“shortsqueeze”,prudentrisksizingrelativetocapitalandvolatility,reducedinformationasymmetry,theopportunitycostofcapital,clientexpectations,theabilitytohedgemarketrisk,ourperceptionoftheefficacyofmarketregulatorsandgatekeepers,ourperceptionoftheresourceimbalancebetweenusandCoveredIssuers,andourmoodsandgutfeelings.Therefore,youshouldassumethatuponpublicationofthisreport,wewill,orhavebegunto,closeasubstantialportion–possiblytheentirety–ofourpositionsintheCoveredIssuer’ssecurities.WearenotprovidingyouwitharecommendationtobuyorsellsecuritiesoftheCoveredIssuer.WearearticulatingourreasonsatthetimeofpublicationwehavepositionsinthesecuritiesoftheCoveredIssuer. WehavenodutyorobligationtoupdatethisreportorupdateyouonthesizeordirectionofanypositionweholdinaCoveredIssuer.Wedonotprovideinvestmentadvicetoanyperson,unlessouraffiliatehasenteredintoaninvestmentadviser-client relationshipwiththatpersoninwriting. Allinformationandopinionssetforthhereinareforinformationalpurposesonly.Undernocircumstancesshouldanyinformationoropinionshereinbeconstruedasinvestmentadvice,asanoffertosell,orthesolicitationofanoffertobuyanysecuritiesorotherfinancialinstruments. ThisreportrepresentstheviewsofMuddyWatersResearchonlyandisbasedonpubliclyavailableinformation.Tothebestofourknowledge,allinformationcontainedhereinisaccurateandreliableandhasbeenobtainedfrompubliclyavailablesourcesthatwebelievetobeaccurateandreliable.Theinformationpresentedhereinis“asis,”withoutwarrantyofanykind,whetherexpressorimplied.Thisreportcontainsalargemeasureofanalysisandopinion.Allexpressionsofopinionaresubjecttochangewithoutnotice. Byviewingandaccessingthisreport,youfurtheragreetothefollowingtermsofuse: MuddyWatersshallnotbeliableforanyclaims,losses,costs,ordamagesofanykind,includingdirect,indirect,punitive,exemplary,incidental,specialorconsequentialdamages,arisingoutoforinanywayconnectedwiththisreport.ThislimitationofliabilityappliesregardlessofanynegligenceorgrossnegligenceofMuddyWaters.Youacceptallrisksinrelyingontheinformationandopinionsinthisreport. YouagreethatanydisputebetweenyouandMuddyWatersarisingfromorrelatedtothispresentationshallbegovernedbythelawsoftheStateofTexas,withoutregardtoanyconflictoflawprovisions.YouknowinglyandindependentlyagreetosubmittothepersonalandexclusivejurisdictionofthestateandfederalcourtslocatedinAustin,Texasandwaiveyourrighttoanyotherjuri