What's the difference between diluted and undiluted percentages on a cap table?

The undiluted percent on a cap table tells you the percent of total outstanding shares represented by this (class of) shareholder's shares. This assumes that none of the options are exercised.

The fully diluted percent on a cap table tells you the percent of total shares (including all authorized options) represented by this (class of) shareholder's shares. This assumes that all of the authorized options are granted and exercised.

Related Questions:

How do I see the cap table?

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