EPGL is not distributing anything. The new company is a separate private company that intends to work with EPGL in various ways. The equity gift will come from that separate, new company and is being offered to EPGL shareholders. The company cannot force anyone to accept shares, therefore the offer is put out and must be accepted in order to participate, like an RSVP.
Go ahead and tell the SEC they will laugh you right out of town.
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