Fully-diluted shares

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.