Boost Run capital structure snapshot — July 2026
Capital structure
- July 2 issued shares: 76.410M, comprising Class A and Class B shares.
- Estimated July 24 issued shares: ~77.85M, incorporating warrant exercises implied by the company’s disclosed $58.8M of gross proceeds at an $11.50 exercise price.
- Pro-forma fully exercised shares: ~84.204M, assuming all remaining warrants exercise before the August 20, 2026 redemption deadline.
- Total potential warrant proceeds: ~$131.9M.
At a
$18.425 BRUN share price:
| Measure | Approximate value |
|---|
| Issued-share market capitalization | $1.43B |
| Fully exercised pro-forma market capitalization | $1.55B |
| Issued-share market cap / $400M ARR | 3.59× |
| Pro-forma market cap / $400M ARR | 3.88× |
Valuation treatment: Use
84.204M pro-forma shares and add the full
$131.9M warrant proceeds to implied equity value. This avoids overstating per-share value while the warrant exercises are still in progress.
Sources:
Boost Run July 2026 prospectus and
warrant-redemption announcement.