>If 5 year warrants from a past PIPE expire unexercised, does this reduce the fully diluted share count for the company? (by the amount of the warrant shares that expired).<
Yes, with a proviso. In arriving at a fully-diluted share count for valuation purposes, I include only options and warrants that have a realistic chance of being exercised. Clearly, the expiration of warrants that were never included in my fully-diluted share count has no effect on the count.
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