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Possible new Talen Energy shares

TLNDilution

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 ($13.3B float, Jun 30, 2025)
How this is worked out

Shelf room on the S-3ASR of Jun 18, 2026: not limited by the baby-shelf rule, because the $13.3B public float stated as of Jun 30, 2025 is $75M or more. Sources: S-3ASR Jun 18, 2026, effective Jun 18, 2026 · public float, as of Jun 30, 2025.

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

Talen Energy dilution ladder

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

43.5M outstanding

  1. Outstandingas of Nov 3, 2026 (10-Q cover) · share count on the cover page
    43.5M
  2. Options and RSUs0 RSUs10-Q Nov 3, 2026 · securities left out of diluted EPS
    +0

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 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

43.5M

Feb 2025 to Nov 2026: from 46.0M to 43.5M.

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