2.8% OF MCAP VS. 1.8% OF MCAP

KTA unlocks $45.85 million today. ENA unlocks $17.6 million.

KTA's dollar amount is more than double. But here's the ratio: KTA's release equals roughly 2.8% of its market cap. ENA's is closer to 1.8%.

The gap is real, but narrower than the dollar figures suggest.

This is the filter that matters. A $46M unlock on a $1.6B project and a $17.6M unlock on a $1B project sound very different at the headline level. At the ratio level, they're closer than most people would guess.

Unlock size tells you what the headline will say. Unlock ratio tells you what actually changes for holders. Screen for the second number.

$KTA $ENA

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