This is correct. I got rid of the original one (I bought that day 1 of M1 launch so I thought it was some initial batch). But this one is only a day old (and more recently imported) and I have spent the last day doing all kinds of troubleshooting. I am in the process of getting a replacement (which they approve) but I don't expect that one to be problem free either (seems like a more serious problem like 2016 displays failing after a while). Nonetheless if they can accept a replacement they should have some policy towards a refund but there is none. I am waiting for their call tomorrow from some senior but I am not hopeful.