Informational Purposes Only (Not Advice)

All content provided by SmallCapIQ is for informational and educational purposes only. Nothing on this newsletter constitutes financial, investment, tax, or legal advice in any form​. You should not construe any opinions, analyses, or information presented as a recommendation, solicitation, or endorsement to buy or sell any securities or other financial instruments. SmallCapIQ is a publishing platform operated by an individual and is not a registered investment adviser or broker-dealer​. The content is general in nature and does not take into account your personal objectives, financial situation, or needs. If you require personal advice or expert guidance tailored to your situation, you should seek advice from a qualified professional (such as a licensed financial advisor, tax professional, or attorney) before making any decisions.

No Offer, Solicitation, or Recommendation

The material in SmallCapIQ is not an offer to sell, or a solicitation of an offer to buy, any security or financial product​. All mentions of specific securities or companies are provided solely for illustrative or journalistic purposes. No content herein is intended to be a recommendation or endorsement of any particular investment strategy, company, or security. Past references to any security or strategy are historical commentary and should not be relied upon for future investment decisions. SmallCapIQ does not guarantee that any security discussed will be available or suitable for purchase in all jurisdictions, and nothing in this newsletter constitutes a prospectus or offering document for any jurisdiction.

Risk Disclosure (Small-Cap Investment Risks)

Investing in small-cap and micro-cap securities is highly risky and speculative. Such investments are often volatile, illiquid, and subject to extreme price fluctuations. You can lose some or all of your investment capital. According to FINRA, low-priced stocks (often micro-caps) are considered speculative and should only be purchased with money you can afford to lose​. Small-cap companies may have limited public information, unproven business models, or heightened vulnerability to market and economic conditions. Past performance is not a guarantee of future results​, and historical trends or case studies should not be relied upon as indicators of future outcomes. You should carefully consider your own risk tolerance and financial situation before investing, and never invest more than you can afford to lose in speculative securities. If your goal is capital preservation or you are risk-averse, small-cap stocks may not be suitable for you. Consult relevant investor education resources (such as the U.S. SEC’s and FINRA’s websites) for more information on the risks of low-priced and small-cap securities.

No Guarantee of Accuracy or Completeness

All information provided through SmallCapIQis provided “as is” and “as available”, without any warranty of any kind, express or implied​. While the publisher strives to research and present accurate, up-to-date information, no guarantee is made regarding the accuracy, completeness, timeliness, or reliability of any content. The information and opinions expressed are subject to change without notice. Facts, data, and figures cited may become outdated or may be based on sources that the publisher believes to be reliable, but errors and omissions can occur. SmallCapIQ expressly disclaims all warranties of accuracy, completeness, or fitness for any particular purpose. You should independently verify any information before relying on it for your investment decisions. The publisher has no obligation to update any content or report on any changes regarding securities or topics discussed. By using this content, you acknowledge that any reliance on the information is at your own risk.

Liability Waiver and Limitation of Liability

By reading or using SmallCapIQ, you agree that the publisher (and any affiliates, partners, or contributors) shall not be liable for any loss or damage of any kind arising from or related to your use of, or reliance on, any information provided. This includes, without limitation, financial losses, direct or indirect damages, consequential or incidental damages, and lost profits. SmallCapIQ and its publisher will not be responsible for any investment decisions you make, and you assume full responsibility for any outcomes. Neither the publisher nor any third-party content providers are liable for errors or delays in the content, or for any actions you take in reliance on it​. In jurisdictions that do not allow the exclusion or limitation of certain liabilities, the publisher’s liability will be limited to the maximum extent permitted by law. By using this newsletter, you release the publisher from any and all claims or liability arising from your use of the information provided.

No Relationship and No Fiduciary Duty

Your use of SmallCapIQ content does not create any advisory, fiduciary, or professional relationship between you and the publisher. The publisher is not your investment adviser, and the newsletter is provided solely as a general information publication. Any communication from the publisher (including responses to subscriber comments or questions) is to be considered general information and not personalized advice. Because no advisor-client or attorney-client relationship exists, you are solely responsible for evaluating how the information in this newsletter applies to your personal situation. You should consult with your own advisors for advice suited to your circumstances. The publisher of SmallCapIQ owes no fiduciary duty or any duty of care to any reader, and no information here should be interpreted as creating such a duty.

Conflicts of Interest Disclosure

The publisher of SmallCapIQ is committed to transparency regarding any potential conflicts of interest. At the time of publication, the publisher does not hold any position in, or financial interest (long or short), in any securities or companies mentioned, and has not received any compensation or incentive from any company or third party discussed. However, this may change in the future. The publisher reserves the right to buy, sell, or hold investments in any company mentioned, or to accept sponsorships, advertising fees, or other compensation, at any time without prior notice. SmallCapIQ will endeavor to disclose any material conflict of interest if and when it arises, in compliance with applicable laws and ethical guidelines. Despite such intentions, readers should assume that the publisher may have an interest in any security mentioned and should not rely on the absence of a disclosure as an indication of no conflict. All opinions expressed are the publisher’s own and are made independently. The content is objective to the best of the publisher’s knowledge, but you should be aware that future financial interests or relationships could potentially influence content. Always conduct your own investigation into any potential investment, regardless of any stated or absent disclosures.

User-Generated Content and Section 230 (Communications Decency Act)

SmallCapIQ is primarily published on the Substack platform, which may allow for user comments, feedback, or other user-generated content. The publisher is not responsible for content posted by third parties, including readers’ comments or contributions. Any opinions, statements, or material posted by a user reflect solely the views of that user and do not represent the views of the publisher. The publisher does not endorse or verify the accuracy of user-generated content. Under Section 230 of the United States Communications Decency Act (47 U.S.C. § 230), interactive online services are generally immune from liability for third-party content​. Accordingly, SmallCapIQ and its publisher shall not be treated as the “publisher” or “speaker” of information provided by any third-party user​, and assume no legal responsibility for user comments. However, the publisher reserves the right to moderate, edit, or remove any user-generated content at its discretion, especially if such content is unlawful, offensive, spam, or in violation of platform guidelines or any laws. If you choose to contribute comments or content on SmallCapIQ, you agree to do so civilly and lawfully, and you remain solely responsible for your posted material. By participating, you grant the publisher the right to use or remove your content. SmallCapIQ will comply with any applicable laws concerning user content and will respond to lawful subpoenas or orders for content if required.

Jurisdictional and International Disclaimers

SmallCapIQ is published from the United States and is intended to comply with U.S. laws and regulations. Securities laws and regulations vary by jurisdiction, and content provided may not be appropriate or compliant in all countries or regions. The availability of this newsletter does not constitute an offer, invitation, or distribution of securities or investment advisory services in any jurisdiction where such activities would be unlawful or subject the publisher to registration or licensing requirements. If you access or use SmallCapIQ outside the United States, you do so at your own risk and are responsible for compliance with local laws and regulations.

For U.S. Persons: The publisher is not registered with the U.S. Securities and Exchange Commission (SEC) or any state securities regulator, and SmallCapIQ is not subject to U.S. securities laws that apply to registered investment advisers or broker-dealers. All content is provided under the protections of U.S. law (including the First Amendment and Section 230 as noted) as impersonal publishing of financial commentary.

For European Union (EU), United Kingdom, and Other International Persons: SmallCapIQ is not authorized or regulated by any financial services regulator in the EU, UK, or any other country outside the U.S. The content herein is not intended as “investment research” or a “financial promotion” as defined under EU or UK regulations. This publication has not been prepared in accordance with the legal requirements designed to promote the independence of investment research (e.g., under EU Regulation 596/2014 on market abuse) and is not subject to any prohibition on dealing ahead of the dissemination of investment research. The information provided should be considered journalistic or general economic content. No representation is made that the content complies with any foreign laws, and it should not be viewed as addressing any specific regulatory requirements of jurisdictions outside the U.S. If the distribution or use of this newsletter’s content by any person in a particular country or jurisdiction would be contrary to local law or regulation, it is not intended for such person. It is the responsibility of users outside the U.S. to ensure that accessing or acting on information from SmallCapIQ does not violate local laws. The publisher disclaims all liability for any user’s non-compliance with foreign laws.

By continuing to access the content, you affirm that you are not located in any jurisdiction where viewing this content is prohibited or restricted. The publisher may restrict or terminate access to readers in certain jurisdictions if required by law.

Future Changes, Updates, and Monetization

SmallCapIQ is currently a free publication operated by an individual. The publisher reserves the right to change the content, format, or availability of the newsletter at any time. This includes the possibility of transitioning to a paid subscription model or other forms of monetization in the future. If such changes occur, SmallCapIQ will ensure compliance with all applicable consumer protection laws and regulations. For example, in the event of paid subscriptions, the publisher will provide clear terms of service, including details on pricing, billing, cancellation rights, and refund policies (in accordance with laws such as those requiring a cooling-off period for digital subscriptions in certain jurisdictions). Any form of paid content, sponsorship, or advertising will be clearly disclosed as such, in line with truth-in-advertising standards and relevant securities disclosure requirements.

Importantly, even if the newsletter becomes a paid service, the content will remain informational and impersonal. Purchasing a subscription will not create an investment advisory relationship or any other fiduciary relationship between the subscriber and the publisher. The publisher will continue to disclaim any liability for subscriber investment losses and will not assume any duty beyond providing the content. Subscribers will be expected to use the content at their own risk, just as with the free content, and to make independent decisions or seek professional advice where appropriate. The publisher is committed to maintaining the same standards of transparency, risk disclosure, and non-bias in any monetized form of SmallCapIQ. Any updates to policies, terms, or this disclaimer will be communicated or made available to subscribers. We encourage users to review this disclaimer periodically, as it may be updated to reflect changes in the law or the business model.

Governing Law and Location

The publisher of SmallCapIQ operates from Weehawken, New Jersey, USA. This disclaimer, and any disputes or claims arising from the use of SmallCapIQ, shall be governed by the laws of the State of New Jersey and the applicable federal laws of the United States, without regard to conflict of law principles. By using this newsletter, you agree that any legal action arising out of or relating to the content or your use of it shall be filed exclusively in the state or federal courts located in New Jersey, USA. You consent to the personal jurisdiction of such courts and waive any objections to venue in those courts for such disputes.

Please note that the publisher makes no representation that the content is appropriate or available for use in any specific location, and accessing the content from territories where its contents are illegal is prohibited. You are responsible for compliance with local laws if you access the content from outside the United States.

Acceptance of Terms

By accessing and reading SmallCapIQ, you acknowledge that you have read, understood, and agreed to all parts of this Disclaimer. If you do not agree with any part of this Disclaimer, you should discontinue use of the SmallCapIQ newsletter and website immediately. Continuous use of the content constitutes your acceptance of these terms. This legal disclaimer is intended to be interpreted to the fullest extent permitted by law in favor of the publisher. If any portion of this disclaimer is held to be invalid or unenforceable by a court of competent jurisdiction, that portion shall be construed in a manner consistent with applicable law to reflect, as nearly as possible, the original intentions, and the remaining portions shall remain in full force and effect.

Last Updated: March 16, 2025. (This disclaimer is subject to change. Future updates will be posted publicly, and your continued use of SmallCapIQ constitutes acceptance of any changes.)