Not quite.
Shares were acquired in May and June, but as I suspect there will be another delay, I suspect those insider shares wil, in fact, become unrestricted and tradeable on the market.
Should the market be pleased with the news, those shares will not cause as much damage as an AS increase would.
Should the close actually occur in September/October, the market would have a few weeks prior to the shares being unrestricted.
Should the market agree with the merger, those few weeks could put EXAD at .02-.03.