'Fully Diluted Shares' are impossible until the share price hits $11.50 (IPO warrants). Calculation based on this definition does not apply here, unless you'd like to factor in almost 8M shares at $11.50, and another 3M+ shares at $4.80.
Good info. I agree. However, financial terminology is reject here. So, your full and complete definition of "Fully Diluted" will likely get many opposing responses.