if the figures you mention for new issued equity are correct, that means the new OS, after the merger, will be 759M.
current valuation: at the current pps of .0265 (X30), post split, the market cap will be $603M.
there's no way the stock can have two separate OSs.
shares being locked up means they can't be sold, for a given time period.
valuations are based on the entire OS.
if you think about it, a company with two OSs would have to have two tickers, so it can trade independently, and issue two sets of filings.
clearly, that can't happen. in a reverse merger, old shareholders get diluted by the new company. otherwise, what's in it for the new entity?
it's easiest to explain in reverse. why wouldn't the new company just pay $500K for a new, clean shell? if a shell is worth that little, surely a strong, revenue-generating company won't give away most of their business just for a public vehicle.
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