Maybe I'm making this too simple, but it seems to me that with the 4,900,000,000 shares authorized by RNVO, that what would happen upon the merger would be a 10 to 1 reverse split which would bring the authorized share count down to around the same count that PHGI has as authorized which would make a pretty even swap.
And authorized shares are not the same as issued shares. Meaning that until a company issues the shares they have authorized, nothing much has happened.
Oh well, just some thoughts.