So the "cost" to Delfin (in this very possible scenario) is .105/1.105 =9.5%. If they went IPO: 1) it would take months longer, putting them behind their now head start; and 2) it would cost 7% commission + fixed costs of $3M - $4M, which at the amount stated above would mean a total of 7.5% or so. That's their costs to do an IPO. So by reverse merging, they're giving up 2% in additional costs to get the speedy way to public market. If they raise 2X my example, that percentage they "lose" drops to 1% additional cost.
Now in the above scenario of a $10B capital raise (with 1B shares @ $10/), the original Delfin principles still own 71%, meaning the offering would effectively discount the subscription rate by that percentage (71%). And the market will take that into account. $10B investment for a return of billions over the years (or at least 29% of billions).
But we got in early, so it's win/win/win.
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