MSTX is getting 24% of the equity in the merged company because it is not being treated as merely a shell company. In the merger PR (#msg-127699319), MSTX’s AIR001 is depicted as one of the three main pipeline assets. MSTX had only ~$5M of current assets net of current liabilities and LT debt at 9/30/16 (https://www.sec.gov/Archives/edgar/data/1160308/000156459016028322/mstx-10q_20160930.htm#Balance_Sheets ).