Let’s say your having 100K NGW shares at .38, value is $38,000.
Ratio is .4650/$4.06 (let’s use that amount) = .1145
100,000 NGW shares X .1145 = 11,450 Pl 13 shares
11,450 x $4.06 = $46,487. value
$46,487. – $38,000. = $8,487. more
100,000/$46,487 = .46486 they pay per NGW shares
Looks like you were correct, they pay almost .4650 per NGW share.
Is my calculation are correct?