A company's "Fully-Diluted" shares is calculated by totaling (i) all outstanding shares, (ii) all shares reserved (both granted and ungranted) under equity incentive plans (e.g., option plans), (iii) all shares purchasable pursuant to outstanding warrants, and (iv) the shares that are issuable upon conversion of outstanding convertible securities (e.g., SAFEs, convertible notes, etc.).
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