Since today is $BRUN / @BoostRunGPUs first official trading day on the NASDAQ stock exchange, it's important we understand the shares outstanding and float mechanics. I've put this together in FAQ format so it's easier to digest, with light explanations of the SPAC mechanics where needed. Q: What's the actual tradeable float in the first 30 days of trading? Just 12.65M shares. Zero redemptions at the April 28 deadline means all 12.65M public WLAC shareholders convert into BRUN. Insiders (Sponsor + Boost Run sellers) hold another 48.78M shares but they're locked up for 6 months. Total shares outstanding at close: 61.43M. Tradeable float Day 1: 12.65M. So even though the company has 61M shares in existence, only 12.65M are actually available to trade hands on the open market. Q: How many founder shares does the Sponsor hold and how long are they locked up? The Sponsor holds 4,628,674 founder shares. These are locked up for 6 months after closing. BUT 10% of these shares (~462,867) get released early if BRUN closes ≥ $12.00 for any 20 trading days within a 30-day period commencing AFTER closing. The Boost Run sellers' 44.15M shares have the same structure: 6 months locked, with 10% (~4.42M shares) released early on the same $12 condition. Total founder shares = 4.6M + 44.2M = 48.8M Important detail: the clock for the 20/30-day observation window only starts when BRUN begins trading. The WLAC price action before close doesn't count. At ~$20 today, the $12 condition will clear easily, but expect the 10% releases ~30-45 trading days post-close, not immediately. Q: How many earnout shares can Andrew Karos (CEO) and the Sponsor + SPV receive? Up to 7,875,000 shares across three tiers: Tier I: 2,625,000 shares if VWAP ≥ $12.50 for 20 of 30 trading days Tier II: 2,625,000 shares if VWAP ≥ $15.00 for 20 of 30 trading days Tier III: 2,625,000 shares if VWAP ≥ $17.50 for 20 of 30 trading days VWAP = volume-weighted average price, aka the average price weighted by how much volume traded at each level on a given day. The Sponsor + SPV (a separate vehicle that bought some of the Sponsor's stake) get a separate earnout block of 3,093,750 shares on the same tiered structure. Total contingent share issuance: 10,968,750 new shares. At $20, all three tiers are mechanically in striking distance. If price holds, expect all three to trigger within the first 60-90 trading days post-close. Q: What's the dilutive effect of the public warrants? There are 6,325,000 public warrants outstanding (ticker BRUNW). Each warrant lets the holder buy 1 BRUN share at $11.50. Two ways this plays out: 1. Cash exercise: Warrant holder pays $11.50 in cash, company receives $11.50 in cash, company issues 1 new share to the holder. If all 6.325M public warrants cash-exercise, the company pockets ~$73M in cash and issues 6.325M new shares. 2. Forced cashless exercise (the more likely path): When BRUN closes ≥ $18.00 for 20 of any 30 trading days (after a 30-day waiting period from closing), the company can issue a redemption notice at $0.01/warrant. Holders are then forced to either exercise their warrants or effectively lose the value. Under cashless mechanics at $20: Shares per warrant = ($20 − $11.50) / $20 = 0.425 6.325M warrants × 0.425 = ~2.69M new shares issued Company receives zero cash but issues ~60% fewer shares than the cash exercise path. At $20, the $18 condition is already cleared mechanically. The company will likely call redemption once the 30-day post-close waiting period passes and the 20/30 observation window completes. One critical detail: the Sponsor's 5,145,722 private warrants are NOT subject to the $18 forced redemption. They sit as long-dated optionality and could be exercised anytime over the next 5 years, a permanent overhang that won't trigger through mechanical conditions. Q: What will shares outstanding look like after the 6-month lockup expires? Roughly 75M shares, up from 61.43M at close. Build-up of the share count growth: 61.43M: basic shares at close +3.66M - Tier I earnout (Andrew + Sponsor + SPV) +3.66M - Tier II earnout (Andrew + Sponsor + SPV) +3.66M - Tier III earnout (Andrew + Sponsor + SPV) +2.69M to 6.325M - Public warrant exercise = ~75.1M to 78.7M shares outstanding At the 6-month lockup expiration (mid-November 2026), 43.9M previously locked insider shares unlock simultaneously. The tradeable float jumps from ~31M to ~75M (or 79M) essentially overnight. Even modest insider sell-through (say 10%) = 4.4M shares of supply hitting a then-float of ~31M = ~14% of float for sale. The bottom line on float: For the first 6 months of BRUN trading, only ~17% to ~41% of total shares outstanding will actually be tradeable. The low end (~17%) reflects the initial 12.65M float against 75M ultimate share count. The high end (~41%) reflects the float after the 10% early releases, earnout issuances, and warrant exercises trigger, but before the main 6-month lockup expires. This small float relative to total shares outstanding will likely introduce volatility in both directions over the next 6 months. Small float + AI infrastructure narrative + mechanical supply events stacking = expect sharp moves on relatively modest news. But understanding the share structure helps you contextualize the price action you'll see in the coming months. This can all be found in the S4 btw, hope it helps! cc: @stepnotonpets @SPAC_zilla @StableBread