Not always. Anti-dilutive shares do not have to be included in the fully diluted share count. Furthermore, the rule says, you have to pick the worst possible outcome. But the worst possible outcome suggets they are not dilutive because the shares will be returned to the company. So from that perspective they should not be included.
Problem is, they issued ordinary shares. So now they have no other choice but to include them.
Will be interesting to see how this plays out. I hope they didn't get the WAOS wrong as well. But it does seem that way.
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