Follow-on funding creates new shares and lists them from treasury. Only the controlling player can launch it. Quantity must be positive; ask price is floored to a whole number with a minimum of 1 Noctmark. Evidence
| Before sale | Launch | When bought |
|---|---|---|
| Authorized share count | Increases by quantity | Unchanged |
| Issued share count | Increases by quantity | Unchanged |
| Treasury shares | Increases by quantity | Decreases by shares sold |
| Outstanding shares | Initially unchanged | Increases by shares sold |
| Treasury Noctmarks | No immediate proceeds | Receives price × quantity |
Creating treasury shares does not immediately dilute holders because treasury shares are excluded from outstanding shares. Dilution occurs as buyers take shares out of treasury. An unchanged 60-share holding is 60% of 100 outstanding shares, but 50% after 20 new shares are sold and the denominator becomes 120.
The client records recent dilution as new quantity / pre-launch outstanding shares × 100, which can depress Fair value. No pre-emption right or transaction fee appears in this core path. Recalculate control after each fill because it follows the effective largest stake, not a fixed majority threshold. Evidence