Morgan Stanley Superday Question - Investment Banking

"How does issuing options/warrants affect enterprise value?" Someone I know mentioned he was asked this at a MS Superday. I know cash would increase but I don't know what the options would be classified as prior to being exercised. Once the options of exercised, equity value (as represented by the Treasury Stock Method) would increase due to equity dilution and thus increase EV. If anyone could tell me what the effect is on EV prior to the options being exercised I would appreciate it. Thanks in advance.

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