ART .... Merging is different than the share structure ....
I think the problem is as follows, out of 20 years of working with corporations i can tell you the below :
1- PIXEL mags merged with SPCL as subsidiary they technically own it but the shares are still with SPCL name and under SPCL name and not PIXEL MAGS name.
2- That is also obvious from all the advertisements from pixel mags will tell you we are subsidiary.
3- By Taking shares under PIXEL MAGS name it will allow them to dispatch of SPCL .... because it will be insignificant.