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Possible new National CineMedia shares

NCMIDilution

Known so far: no new shares from the prospectus covers read · shelf not limited by the baby-shelf rule · not yet read: warrants, converts, ATM.

Shelf room

  • Room today not capped by the baby-shelf rule ($322M float, Jun 26, 2025)
How this is worked out

Shelf room on the S-3 of Sep 29, 2025: not limited by the baby-shelf rule, because the $322M public float stated as of Jun 26, 2025 is $75M or more. Sources: S-3/A Sep 29, 2025, effective Sep 30, 2025 · public float, as of Jun 26, 2025.

What could become new National CineMedia (NCMI) shares: options and RSUs, each with the 10-Q, 10-K, S-3 or 424B filing it comes from.

National CineMedia dilution ladder

Every source of new shares on record, from the filings that created it.

94.1M outstanding; up to 100.1M fully diluted, +6%

  1. Outstandingas of Aug 6, 2026 (10-Q filed Aug 11) · share count on the cover page
    94.1M
  2. Options and RSUs6M options10-Q Oct 30, 2025 · securities left out of diluted EPS
    +6M

Not stated in the filings we read: an ATM program, warrants, convertible notes.

Counts, sizes and prices as stated in each filing; the fully diluted count is arithmetic on them. Dollars become shares only at a price a filing states. Not advice.

Financing terms to know

None found in filings since Oct 30, 2025.

Each term is quoted from the exhibit it comes from; numbers are as stated in the filing. A flag describes a financing term. It is not investment advice.

Shares outstanding

94.1M

Oct 2024 to Aug 2026: from 94.9M to 94.1M.

From the share count on the cover of each 10-Q and 10-K, dated as each cover states.