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Message: [QUOTE="ConnEd, post: 3617570, member: 895"] Do you mean because the warrants that were issued as part of the SPAC structure could be exercised as of today? Or do you mean something else? That's a very normal part of how a SPAC is structured. IPO participants in the SPAC get warrants for 1/3 of a share for each share purchased at a exercise price of $11.50. So, if investing in the result of a SPAC merger, that kind of dilution should be built in to your valuation. You could see what was coming as the warrants have been trading (NKLAW) at around $25/share, valued ($25 + $11.50) well below the $50/share price on the stock. The crazy part to me is that this dilution wasn't priced in well before this. [/QUOTE]