RE: Another RNS29 Sep 2025 19:58
Pentwater's percentage of direct shares decreased because the total number of Renalytix shares in the market increased substantially due to the fundraise, diluting the percentage of the company represented by Pentwater's fixed number of shares.
Crucially, the increase in their total holding (shares + financial instruments) shows a clear move by Pentwater to increase their overall economic exposure to Renalytix, despite the technical dilution of their direct share percentage.