AVITA issued about 267,500 shares to the two warrant holders, leaving existing owners with a smaller share of the company. It withheld about 292,100 shares for exercise costs, but still issued shares without receiving cash from the exercises.
Each existing share now represents a smaller part of AVITA. The cashless exercises brought no money from the warrant holders. AVITA kept back shares to cover exercise costs, but it still issued shares to both holders.
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