It appears to me that current holders of IONI will retain their ownership of I-ON Digital's core business and balance sheet post-merger. As part of the transaction, I-ON Communication Ltd, which has 99.5% ownership of I-ON Ltd, IONI's operating entity, is being spun-off to the current IONI shareholders in exchange for the 20,000,000 floating shares of IONI, which I-ON Digital will use for the merger with CDI. In other words, I think current shareholders are largely unaffected by the merger agreement when it comes to their ownership of I-ON's core business and assets since they are left with the operating subsidiary of I-ON. I pasted the text that gives me this idea from the 8-K below. Let me know if I'm missing anything
From the merger agreement: "WHEREAS, simultaneously with the Merger, all of the equity interests in I-On Communications, Ltd., a company organized under the laws of the Republic of South Korea (“Communications”) and a wholly owned subsidiary of the Company, shall be transferred by the Company to certain other shareholders of the Company (collectively, the “Communications Shareholders”) in exchange for the return of Twenty Million (20,000,000) shares of the I-On Common Stock held by the Communications Shareholders (the “Exchange Shares”), as more fully set forth in that certain Equity Transfer Agreement attached hereto as Exhibit B (the “Transfer Agreement”)."