Our Coverage: SANT XTRA:SANT

January 25, 2021 – On December 28, 2021, S&T issued a “detailed response1” to our report on the company. The response leaves numerous questions wide open and pathetically deflects several key concerns outlined by Viceroy. Viceroy welcomes the announcement of an independent forensic investigation by

DECEMBER 15, 2021 – Viceroy Research is short S&T AG (XTRA:SANT): a roll-up of low-quality, labor intensive “IoT” assets, often acquired under fire-sale circumstances. Analysis of individual subsidiary performance shows flatlining and negative growth due to frauds & federal raids, insolvency, security breaches, and general