Free course · Lesson 2 · 4 min
Authorized, outstanding, float and fully diluted
In 4 minutes: four share counts, what each one means, and which ones Panda Desk shows.
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01Outstanding: every share that exists
Outstanding is every share held by investors today, insiders included. PNDA has 3.62M.
02Float: what the public can trade
Take the insiders’ shares out and you get the float. Its dollar value also sets the baby shelf cap (lesson 5).
03Fully diluted: if it all turns into stock
Warrants and convertible notes can each become new shares. Add them to the 3.62M and you get the fully diluted count.
3.62M + 1.2M + 0.4M (warrants) + 0.54M (note) ≈ 5.76M
Not counted: two warrant rows above 10x the price, and the Shelf and ATM, which are sized in dollars.
04ROTATION: volume ÷ float
Rotation divides today’s volume by the float. At 15.1x, PNDA’s float changed hands about 15 times today.
053 checks on any share count
Sources
- Form 10-Q: the cover page reports the shares outstanding of each class of common stock.
- 17 CFR 210.5-02(29) (Regulation S-X): the shares authorized, on the balance sheet or in a note.
- Form S-3, General Instruction I.B.6: the public float held by non-affiliates sets the baby shelf cap.
Panda Desk shows these rows for any small cap, next to your montage. tspanda.com
Not financial advice. PNDA is fictional, and nothing here is a recommendation to buy or sell.