No. You are treating the math as if 1 WAMUQ = 1 NewCo share, when that's not the case. 1 WAMPQ share = 530 WAMUQ shares and 1 WAMPQ share = 18.667 NewCo shares So 530 WAMUQ shares (which equals 1 WAMPQ share) = 18.667 NewCo shares