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Possible new NiSource shares

NIDilution

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

Shelf room

  • Room today not capped by the baby-shelf rule ($19.0B float, Jun 30, 2025)
How this is worked out

Shelf room on the S-3ASR of Oct 30, 2025: not limited by the baby-shelf rule, because the $19.0B public float stated as of Jun 30, 2025 is $75M or more. Sources: S-3ASR Oct 30, 2025, effective Oct 30, 2025 · public float, as of Jun 30, 2025.

What could become new NiSource (NI) shares: an ATM program, each with the 10-Q, 10-K, S-3 or 424B filing it comes from.

NiSource dilution ladder

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

479.7M outstanding; up to 515.3M fully diluted, +7%

  1. Outstandingas of Oct 21, 2026 (10-Q filed Oct 28) · share count on the cover page
    479.7M
  2. At-the-market program$1.5B program424B5 Oct 31, 2025 · At-the-market prospectus supplementat $42.13, stated in the filing on Oct 30
    +35.6M

Not stated in the filings we read: warrants, convertible notes, options and RSUs.

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 31, 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

480M

Feb 2025 to Oct 2026: from 470M to 480M.

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