TheGlobe.com Inc (TGLO)

[Toxic Avenger]

TELL did NOT reverse split with MPET as there was no need.
The O/S was 8 million and the A/S was several hundred million.
They gave 3% of the company to the MPET shareholders and 97% to the Tellurian shareholders, based on MPET providing 3% of the combined assets and Tellurian providing 97% of the combined assets.

TGLO has an O/S of 440 million and an A/S of 500 million, so they'll need to do a reverse split to fairly value the Delfin shares. Since Delfin will contribute over 100% of the combined assets and TGLO has negative net assets, even .5% would be more than TGLO shareholders deserve.

The thinking is that TGLO shareholders will end up with 1% or less of the merged company IF Delfin goes ahead with a reverse merger.