I don't know what it is but this is the exact procedure I've seen a hundred times before a reverse merger deal.
I wouldn't worry about the A/S. A/S just means what they're authorized to do and 350mm is very nice. The police are authorized to make arrests. Doesn't mean they'll just start arresting everyone they see.
The A/S could be unlimited it wouldn't matter, just how many they actually issue.
Also, if they intend to make acquisitions they need to have the A/S to cover it.
Another hypothetical: I have the company. I know that I'm going to make several acquisitions that will be paid in stock. Acquisition 1 will require 50mm shares, #2 - 50mm shares, #3 - 100mm shares.
Now even though those 200mm shares are going to be restricted for say, 5 years. The A/S has to be big enough to cover that now.
So I have 50mm already and I'm going to issue 200mm for 3 acquisitions that are restricted for 5 years I still need atleast a 250mm A/S but in most cases they add a buffer so I might just do 350mm A/S
This seems like a good deal from my perspective, I'm interested to see what they merge in.
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