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Possible new PNW shares

PNWDilution

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

Shelf room

  • Room today not capped by the baby-shelf rule ($10.7B float, Jun 30, 2025)
How this is worked out

Shelf room on the S-3ASR of Feb 28, 2024: not limited by the baby-shelf rule, because the $10.7B public float stated as of Jun 30, 2025 is $75M or more. Sources: S-3ASR Feb 28, 2024, effective Feb 28, 2024 · public float, as of Jun 30, 2025.

What could become new Pinnacle West Capital (PNW) shares: convertible notes, each with the 10-Q, 10-K, S-3 or 424B filing it comes from.

PNW dilution ladder

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

121.2M outstanding

  1. Outstandingas of Oct 28, 2026 (10-Q filed Nov 3) · share count on the cover page
    121.2M
  2. Convertible notesconvert at $92.30, 0 shares10-Q Nov 3, 2026 · securities left out of diluted EPS
    +0

Not stated in the filings we read: an ATM program, warrants, 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 Nov 3, 2026.

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

121M

Feb 2025 to Oct 2026: from 119M to 121M.

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