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Block's Response to Inaccurate Short Seller Report

Mar 23, 2023
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DISTRIBUTED-WORK-MODEL/SAN FRANCISCO--(BUSINESS WIRE)-- We intend to
work with the SEC and explore legal action against Hindenburg
Research for the factually inaccurate and misleading report they
shared about our Cash App business today.

Hindenburg is known for these types of attacks, which are designed
solely to allow short sellers to profit from a declined stock price.
We have reviewed the full report in the context of our own data and
believe it's designed to deceive and confuse investors.

We are a highly regulated public company with regular disclosures,
and are confident in our products, reporting, compliance programs,
and controls. We will not be distracted by typical short seller
tactics.

About Block

Block, Inc. (NYSE: SQ) is a global technology company with a focus on
financial services. Made up of Square, Cash App, Spiral, TIDAL, and
TBD, we build tools to help more people access the economy. Square
helps sellers run and grow their businesses with its integrated
ecosystem of commerce solutions, business software, and banking
services. With Cash App, anyone can easily send, spend, or invest
their money in stocks or Bitcoin. Spiral builds and funds free,
open-source Bitcoin projects. Artists use TIDAL to help them succeed
as entrepreneurs and connect more deeply with fans. TBD is building
an open developer platform to make it easier to access Bitcoin and
other blockchain technologies without having to go through an
institution.

[CT]

Media Contact
press@block.xyz

Investor Relations Contact
ir@block.xyz

Source: Block, Inc.

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