It's accurate - $1.38 is the deal - and your quote is from the wrong press release
There were two separate press releases on the same June 14 day from Recall Studios and the language you quote referencing $0.50 is not from the tender offer press release. That language is only from the press release announcing their private acquisition of a large Pulse shareholder:
"Under the terms of the transaction, subject to certain conditions precedent as described in definitive documentation, Recall Studios will pay $200 million (the “Purchase Price”) to Evolution AI Corporation shareholders in the form of newly issued common stock of Recall Studios, in exchange for 100% of the common stock of Evolution AI Corporation, which shall include an approximate 60% ownership interest in Pulse Evolution Corporation. The Purchase Price is based on an initial negotiated valuation of $0.50 per share of Recall Studios common stock, subject to a ‘min-max’ adjustment based on the average trading price of Recall Studios shares, such terms more fully outlined in the definitive share exchange agreement executed between the parties."
The $0.50 assumption for Recall in the above paragraph means that Evolution AI will get 400 million shares of Recall totaling $200 million of value. The min-max adjustment means they might get more or less shares of Recall for that same $200 million, depending on the market fluctuations of Recall stock.
This press release is NOT the tender offer press release of $1.38 per share. The language above only relates to the private deal.
