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ANALYST CERTIFICATION
I, Matthew L. Kaplan, attest that the views expressed in this research report accurately reflect my personal views about the subject security
and issuer. Furthermore, no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views
expressed in this research report, provided, however, that:
The research analyst primarily responsible for the preparation of this research report has or will receive compensation based upon various
factors, including the volume of trading at the firm in the subject security, as well as the firm’s total revenues, a portion of which is generated
by investment banking activities.
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Ladenburg Thalmann & Co. Inc. makes a market in Antares Pharma, Inc. and Lipocine Inc..
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Investing in low priced securities is speculative and carries a high degree of risk. You should independently investigate and understand all
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to be an equity security which has a market price of less than $5.00 a share, subject to certain exemptions. Such exemptions include equity
listed on NASDAQ and an equity security issued by an issuers which has (i) net tangible assets of at least $2,000,000, if such issuers has
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than (3) years; or (iii) average revenue of at least $6,000,000 for the preceding three (3) years. Unless such exemption is available, regulations
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involving a penny stock. For stock not quoted on NASDAQ or at any time that the company has less than $2,000,000 in net tangible assets, the
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individual states and jurisdictions’ regulatory restrictions. Stocks in the microcap segment of market have risks that are not as common in other
segments of market. These risks include, but are not limited to, liquidity risk, which can lead to higher volatility and low trade volume, company
specific risks that contribute to lower valuation, higher probability of financial default and distress.
