Warrant Overhang

How to read this

• Total dilution — share count added if every warrant exercises, as a % of float. Above 20% is meaningful overhang.
• In-the-money % — only the warrants whose strike is below current price. These are the ones actually being exercised when liquidity arrives.
• Exercise scenarios — what dilution and cash inflow look like if price hits 1.5×, 2×, 3× current. Useful for sizing a position around the cliff.
• Shares unlocking — free-trading dates from private placements (4mo+1d after closing under NI 45-102). Selling pressure typically arrives within the first week of an unlock.
• Source: Prospectus vs PR — Prospectus rows are auto-extracted from filings (authoritative, SEDAR/EDGAR). PR rows are from press release announcements. Click either to see the underlying source.

Frequently asked questions

What is warrant overhang?

Warrant overhang is the number of shares that would be added if every outstanding warrant on an issuer were exercised, expressed as a percentage of the current float. It is a measure of latent dilution: above roughly 20% of float is considered meaningful overhang because those shares can reach the market once warrant holders exercise.

What does in-the-money (ITM) vs out-of-the-money (OTM) mean for warrants?

A warrant is in-the-money when its strike (exercise) price is below the current share price, and out-of-the-money when the strike is above it. The tool splits each issuer’s warrants using the live spot quote. In-the-money warrants are the ones actually exercised when liquidity arrives, so they drive the near-term dilution and cash inflow.

How do the exercise scenarios work?

The exercise scenarios show what dilution and cash inflow look like if the share price reaches 1.5×, 2×, and 3× its current level, as more warrant tranches move into the money at each step. They are intended for sizing a position around the dilution cliff, not as a price forecast.

What is a free-trading date and why does it matter?

A free-trading date is when shares issued in a private placement become freely tradable — four months and one day after closing under Canada’s NI 45-102 resale rules. The tool lists upcoming unlocks because selling pressure from newly free-trading placement shares typically arrives within the first week of an unlock.

Where does the warrant data come from?

Active warrant inventory is sourced from SEC EDGAR and SEDAR prospectus filings combined with PR newswire announcements. Prospectus rows are auto-extracted from filings and are authoritative; PR rows come from press-release announcements. Each row links to its underlying source so the claim can be checked against the original document.

Is the warrant overhang data investment advice?

No. The tool is for informational purposes only and is not investment advice. Warrant terms are auto-extracted from filings and press releases and can contain errors — always verify against the original SEDAR+ or EDGAR document before making any trade decision.