OneMedNet Corporation $ONMD

Pelican Way Research • January 12, 2026 • "More Focused on Narrative Management Than Building a Business"

TWEET THREAD ANALYSIS — NOT A FORMAL REPORT

⚠️ IMPORTANT DISCLAIMER: This dashboard summarizes a Twitter/X thread from Pelican Way Research (@Pelicanwayre), posted January 12, 2026. This is NOT a formal research report. The authors explicitly state: "not a short report, we are short some shares but there will be no formal writeup." All claims below are attributed to Pelican Way Research's tweet thread.

CORE ALLEGATIONS (PER TWEET THREAD)

According to Pelican Way Research, OneMedNet ($ONMD) is a company that appears "more focused on narrative management than on building a durable and transparent business."

The thread alleges the October 2025 Palantir announcement was misleading, highlights governance concerns including a remote CEO and CFO with dual employment, questions the legitimacy of their corporate headquarters, and raises red flags about their auditor history. Pelican Way concludes this is a troubling picture warranting significant skepticism.

COMPANY OVERVIEW

Company Name

OneMedNet Corporation

Medical imaging data company

Headquarters

🇺🇸 Eden Prairie, Minnesota

NASDAQ Listed • Address questioned in thread

Business Description

Medical Imaging Data Platform

Claims AI-driven healthcare data solutions

CEO Location

Works Remotely from Canada

Per Pelican Way: "limited transparency"

Recent Catalyst

Palantir Announcement

October 6, 2025 • Shares surged on news

Primary Risk

Governance Red Flags

Auditor history, dual employment, HQ concerns

THE PALANTIR ANNOUNCEMENT

Press Release vs. Reality (Per Pelican Way Research)

📰 What ONMD Announced

"Strategic collaboration" with Palantir to "revolutionize our ability to deliver high-quality, regulatory-compliant data at remarkable speed" and "power breakthroughs in clinical research and AI-driven healthcare solutions."

🔍 What Pelican Way Found

ONMD merely agreed to use Palantir software as a customer. "No indication that PLTR is acting as a partner, reseller, or co-developer, nor that Palantir has made any commercial or strategic commitment to ONMD beyond providing software."

RED FLAGS IDENTIFIED

1 Misleading Palantir Announcement

October 6, 2025 press release framed a customer relationship as a "strategic collaboration." According to Pelican Way, the substance "appears far less consequential than the market reaction suggested." Shares surged on news that was allegedly exaggerated.

2 Remote CEO with Limited Transparency

The CEO works remotely and is based in Canada. Pelican Way notes "limited transparency around executive presence and operational oversight" particularly concerning "given its apparent operational fragility and financial distress."

3 CFO Dual Employment

CFO Robert Golden was appointed permanently in January 2025 after an interim period starting August 2024. Per Pelican Way, he "appears to maintain simultaneous employment with his prior CPA firm." They find "no clear indication that this dual role was fully disclosed to investors."

4 Questionable Corporate Address

The company's listed principal place of business at 6385 Old Shady Oak Road, Suite 250 "does not appear to be a bona fide operating headquarters." According to Pelican Way, this address is currently listed as a REGUS office for anyone to use.

5 Problematic Auditor History

Former auditor BF Borgers was permanently barred by the SEC for "massive fraud impacting more than 1,500 public filings." Replacement auditor WithumSmith+Brown was recently censured by PCAOB and fined $2M for "widespread quality control failures."

6 Paid Stock Promotion

Pelican Way states that "stock promotion tracker indicates that ONMD has spent thousands of dollars on paid promotional activity." Combined with other concerns, this paints a picture of a company allegedly focused on "narrative management."

Overall Concern Level (Per Tweet Thread)

Low Concern Moderate High Concern

Pelican Way describes a "troubling picture" across multiple governance dimensions

AUDITOR HISTORY TIMELINE

Former Auditor: BF Borgers

Permanently barred by the SEC for massive fraud impacting more than 1,500 public filings. Regulators cited "deliberate and systemic failures" to comply with PCAOB standards. The firm paid millions in penalties.

Replacement Auditor: WithumSmith+Brown, PC

Recently censured by PCAOB and fined $2 million for widespread quality control failures. Required to retain an independent consultant and implement mandatory firm-wide retraining. Per Pelican Way: "Rather than meaningfully improving audit quality..."

KEY FIGURES MENTIONED

CEO (Unnamed in Thread)

Chief Executive Officer

Works remotely from Canada. Pelican Way highlights "limited transparency around executive presence and operational oversight" as concerning given the company's size and alleged "operational fragility."

Robert Golden

Chief Financial Officer

Appointed permanently January 2025 after interim period starting August 2024. Per Pelican Way, he appears to maintain simultaneous employment with his prior CPA firm—a dual role allegedly not fully disclosed to investors.

Palantir Technologies ($PLTR)

Software Provider (Per Pelican Way Analysis)

Named in ONMD's October 2025 announcement as a "strategic collaboration." Pelican Way contends ONMD is merely a customer and that Palantir has made "no commercial or strategic commitment" beyond providing software.

KEY METRICS AT A GLANCE

Red Flags Identified

Governance & disclosure concerns

Auditor Fines

$2M+

Current auditor's PCAOB fine

Catalyst Date

Oct 6, 2025

Palantir announcement date

SEC Filings Impact

1,500+

Filings affected by former auditor's fraud

Pelican Way Research's Conclusion

According to Pelican Way Research's tweet thread, OneMedNet ($ONMD) presents a "troubling picture" characterized by aggressive stock promotion, exaggerated press releases, multiple governance red flags, and questionable operational practices. They conclude the company appears "more focused on narrative management than on building a durable and transparent business."

🔻 Pelican Way Short Position

"We are short a small amount of shares in $ONMD" — No formal report or price target provided

Source: @Pelicanwayre Twitter/X Thread • Published January 12, 2026 • 1,432 Views at time of capture
This is NOT a formal research report. All allegations are attributed to Pelican Way Research. This dashboard is for informational purposes only and does not constitute investment advice.

Pelican Way Research Short Report on ONMD