Fully-Diluted

Fully diluted refers to the percentage of equity ownership reflected on the Cap Table assuming that all shares which could be outstanding are outstanding – in other words, if securities such as options, convertible notes, warrants, and preferred shares have been issued and converted to common stock. To illustrate, investors may be subject to further dilution of their shares if there are a significant number of shares in the Equity Compensation Plan which have not yet been issued.