That's where it gets confusing. They do include them in the footnote. If you look below that int he fine print, it distinguishes between issued and outstanding. Their OS on that prospectus is slightly over 2 million shares. But you have to go to page one or so to see their assumption, and they assumed a $5.18 issuance price or something like that. They are backing out the private placement on their OS because they aren't truly issued yet. If you substract theeir OS from their issuance, you'lll get the exact number of shares they *assumed* would be issued at $5.18ish (going by memory) which was slightly over 800,000 if memory serves correct.
But they did list a range with a low end starting at $4 which is precisely where reality occurred. And 1M shares were issued at that price, so that would take us to 2.2 OS.
As for the pre-funded warrants, those don't act as normal warrants. They just serve to confuse. As you'll note, the .30 didn't adjust in the reverse split. That's because they were *pre-funded*. They aren't normal warrants.. In fact, I'd argue they aren't warrants. It was a convoluted way to say private placement which already transpired last November or so. They are listed separately as PF warrants, and the quantity did go through the reverse split, but not the price. Because the price is already exercised -- pre-funded. It's just done that way as a legal loophole to my understanding to allow a higher threshold of ownership for some of the investors. To get around some regulation. That was my concluisoin. That whole penny warrant thing had me worried at first, as you'll recall. It all makes sense now.
SUPER CONFUSING. But there are no warrants that can exercise below our current price to my understanding.
