Jul. 20 at 7:06 PM
$BNC $BNC’s YZi position is more than a large warrant overhang. It combines an almost-certain dilution block with substantial governance influence.
YZi owns 2.15M common shares plus warrants covering 21.216M more. But those warrants are not economically equivalent:
• 3.564M strike at
$0.00001, effectively shares already
• Roughly 17.652M sit in the
$15.15 PIPE warrant stack, far out of the money at the current price
The near-zero block alone equals about 8.4% of BNC’s reported basic shares.
YZi also received three board seats and influence over CEO selection. The structure aligns a major sponsor with BNC, but part of the price of that alignment is dilution that is already economically real.
