If the current OS and share structure is meaningless the way it is now and is fact, why are you arguing the "what if's" as if they have happened?
We know what we know now. If Pure Romance has what they say, hell, raise the OS to 500 million for all I care. But one things for sure, if this play is anything like other reverse merger plays, it's going to explode on news of confirmation of said merger.
For now, constructive DD for better and for worse to either confirm that the merger is or is not going to take place. THAT'S what the market is waiting to hear about.