Terms of use

99shares.org · effective September 17, 2026

What 99 Shares is

A publication about special situations: tender offers, odd-lot offers, liquidations and similar corporate events. It reports public facts, the arithmetic on those facts, and how the mechanics work. It is general information written for a general audience.

What it is not

It is not investment, tax or legal advice, and it is not a recommendation to buy, sell or tender any security. We do not know your finances, your broker or your tax position, and we do not answer questions about your own account. The decisions are yours; if you need advice, ask a licensed adviser.

Accuracy and timing

Figures come from primary filings and company releases, and we link them. Offers change, get extended or are withdrawn. Brokers set their own election cutoffs, often hours or days before an offer expires. Prices move after we publish. Mistakes and delays happen. Before you act, check the primary filing and your broker’s own notice. When we find an error, we correct it, date the correction and say what changed.

Our own positions

We trade some of the situations we write about, with our own money and in small size. Each issue says which positions the author holds, and every open and closed position, losses included, is on the scoreboard.

Returns and examples

Any return figure that is not from the scoreboard is a hypothetical illustration with its assumptions shown. Past results, ours or anyone’s, do not predict future results. You can lose money on any trade described here.

Liability

99 Shares is provided as is. To the fullest extent the law allows, we are not liable for any loss or damage arising from your use of it, including losses on trades, missed deadlines, tax outcomes, or errors or delays in what we publish. Nothing in these terms limits a liability that the law does not allow to be limited.

Subscriptions

You can subscribe to the weekly newsletter and unsubscribe at any time with the link in every email.

Content

The writing, tables and design are ours. You may quote short passages with a link back. Do not republish whole issues or resell them. Facts taken from public filings belong to no one.

Changes and contact

We may update these terms; the date at the top changes when we do. Questions: hello@99shares.org. See also our privacy page.