Morgan Stanley Investment Banking Pitch Book
Morgan Stanley
Orange Capitalization Summary and Aggregate Value Build
$MM, Except Where Noted (1)(2)(3)
Current Share Price ($)
Basic Total Shares Outstanding (#MM)
Dilutive Instruments
RSUS Outstanding
Options Outstanding
Total
Debt
Total Debt
Fully Diluted Shares Outstanding (#MM)
Fully Diluted Equity Value
(+) Debt Principal
(-) Cash
Fully Diluted Aggregate Value
Notes
1. Market data as of 9/12/2022
2. Debt balance, options, and RSUS as of 6/30/2022
3. Assumes $315MM Cash and 175.7MM basic shares outstanding as of 6/30/2022 per 100
PROJECT ORANGE
Shares
(#MM)
2.79
8.04
PRELIMINARY AND CONFIDENTIAL DRAFT
Weighted Avg
Strike Price ($)
0.00
$3.25
Current Spot
$19.41
175.7
Diluted Shares Outstanding
(#MM)
2.79
6.69
9.48
Amount
185.2
$3,594
($315)
$3,279
REFERENCE MATERIALS 29View entire presentation