Share structure: float, market cap & warrants

How a stock reacts to a catalyst depends heavily on its share structure, not just the news.

• Shares outstanding — total shares; rising over time = dilution.
• Float — the shares actually available to trade (excludes locked-up insider/strategic holdings); a small float amplifies moves both ways.
• Market cap — price × shares; small caps are far more volatile around binary events.
• Warrants — options to buy shares at a set price, often attached to financings; they create overhang and future dilution.

Why it matters

A thin float plus a heavy short position is squeeze fuel; a bloated, serially-diluted share count flags a company that funds itself by printing stock.