That's a great question. They are potential shares... if they get exercised.
They don't become shares until they're exercised. Sometimes you'll read about the fully diluted number of shares... Well that would be the number of actual issued shares and those that could potentially be exercised.
They're are even metrics that calculate the probability of warrants behind exercised based on how far the exercise price is from the actual price.
Hope this helps.
Watch for opportunities with those you trust.
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