An introduction to anti-dilution adjustment formulas, focusing on public company convertible bonds. This Note discusses issues relevant to public company warrants and exchangeable notes. It also contains a discussion of the meaning of equity dilution, the process for drafting and reviewing anti-dilution adjustment formulas and provides the meanings of certain terms used in anti-dilution adjustment formulas. The Note discusses the make-whole adjustment, which, although not an anti-dilution adjustment, is a feature of public convertible bonds and is often drafted and reviewed at the same time as anti-dilution adjustment formulas.