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Fully-diluted shares

Why the company's share count differs from the number of shares in issue.

The company's fully-diluted share count is:

shares in issue − unsold ATM shares + in-the-money warrants

  • Shares in issue come from the latest Total Voting Rights announcement.
  • Unsold ATM shares were issued to the broker under the Subscription Agreement but have not been sold yet, so they are excluded.
  • In-the-money warrants (the 2.5p pre-IPO warrants) are added because they would almost certainly be exercised. The 150p placing warrants are out of the money and excluded.

Updated 23 Sept 2026. Educational content only, not investment advice.