All Commonwealth Capital (“Commonwealth”) Broker-Dealer Readiness Ratings™, aka BDR Ratings™, are subject to certain limitations and disclaimers. Please read these limitations and disclaimers by following this link: https://www.commonwealthcapital.com/courses-and-conservatory-user-terms. In addition, the following https://www.commonwealthcapital.com/broker-dealer-readiness-rating details the BDR Rating™ definitions for each rating scale and rating category, including definitions relating to private capital market investment readiness of any entity. Published ratings, criteria, and methodologies are available from this site at all times. Commonwealth may have provided another permissible or ancillary service to the rated entity or its related third parties, with details of permissible or ancillary service(s) may be found at https://www.commonwealthcapital.com/.

 

In issuing and maintaining its ratings and making other reports, Commonwealth relies on factual information it receives from issuers, underwriters, and other sources Commonwealth believes to be credible. Commonwealth conducts a reasonable investigation of the factual information relied upon by it in accordance with its rating methodology and obtains reasonable verification of that information from independent sources to the extent such sources are available in order to rate a given company. The manner of Commonwealth factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rating issues to a company, the requirements and practices in the jurisdiction in which the company is located, the availability and nature of relevant public information, access to information related to rating a given company, the availability of pre-existing third-party verifications and/or reports, agreed-upon procedures letters, appraisals, actuarial reports, audits, engineering reports, legal opinions and other reports provided by given companies and/or third parties, the availability of independent and competent third- party verification sources with respect to the particular company, and a variety of other factors. Users of Commonwealth BDR Ratings™ and BDR Rating Reports™ should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Commonwealth relies on in connection with a rating or a report will be accurate and complete. Ultimately, the given company is responsible for the accuracy of its information to Commonwealth and the market in offering documents and other reports. In issuing its ratings and its reports, Commonwealth must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that, by their nature, cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed.

 

The information in this report is provided "as is" without any representation or warranty of any kind, and Commonwealth does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A BDR Rating™ is an opinion represented as a current-look diagnostic analysis on a company's state as a quality deal for private market capital relative to being broker-dealer ready. This opinion and reports made by Commonwealth are based on established criteria and methodologies that Commonwealth is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Commonwealth and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than investment risk, unless such risk is specifically mentioned. Commonwealth is not engaged in the offer or sale of any security. All Commonwealth BDR Ratings Reports™ have shared authorship. Individuals that may be identified in a BDR Ratings Report™ may be involved in, but are not solely responsible for, the opinions stated therein. Any individuals named are for contact purposes only. A report providing a BDR Rating is neither a prospectus nor a substitute for the information assembled, verified, and presented to investors by any issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason at the sole discretion of Commonwealth. Commonwealth does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any securities by any issuers. Ratings do not comment on the adequacy of the price of any security, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made with respect to any security. Commonwealth may receive fees from issuers, insurers, guarantors, other obligors, and underwriters for issuing its ratings. The assignment, publication, or dissemination of a rating by Commonwealth shall not constitute a consent by Commonwealth to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction.

 

Commonwealth Capital, LLC and its affiliates do not provide tax, legal, accounting, or investment advice. Commonwealth Capital, LLC is not a licensed Broker-Dealer nor a FINRA-licensed Registered Investment Advisor. This report has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal, accounting, or investment advice. You should consult your own tax, legal, accounting, and registered investment advisors before engaging in any transaction. Commonwealth Capital, LLC is not a credit rating agency and is not registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (the "NRSRO").