the problem with your analysis is that you have reversed what actually happened. There is no disadvantage for Delfin or TGLO.
Delfin bought for $35,000, an asset that is now worth ( in my calculations at 441,000,000 shares outstanding times present .20/pps ) 88M$. So for 35 grand, they now have $88M in market cap..so far.
How can this be? Every stock is a fiat vehicle, just like cash money. Penny stocks in particular can rise and fall on rumor and factual news. However it happened, Delfin has a company that has raised $88M in market cap for them for the price of 35 grand. You might as well say Delfin got a, (so far ) free $88M.
Transfer 88M in assets "to justify it"? Says who? Who says they will keep TGLO as a separate entity so that they would need to do that? That would make no sense. But that is essentially your argument..that they would and so would need to justify it.
If they keep the share structure in place, one for one share in the new company, they just got a free 88 million dollars assuming it doesn't go up from there on the rumor and filings and all that. They don't just get "a shell company to go public with", they get the shell plus its market cap plus its shareholders. And they are not giving away / losing anything. They are gaining and they know it.
Right now there is a stock on OTC with a big stop sign on it trading at .11 ((DOMR) Dominion Resources Black Warrior) WHEN THE COMPANY PUT OUT A NEWS ITEM THAT SAID THEY NO LONGER EXISTED AND WERE DISSOLVED ..IN 2015. It has gone up thousands of percentage points since Christmas. I think that is fraud. But it still did it.
Now we have Delfin, an above board, honest company with actual experience and understanding in the leadership plus real assets, plus MoU with Lithuania, plus LoI with China for over a billion dollars plus a partnership with Enbridge and Golar, with one of the best ideas in the LNG industry ( go offshore 50 miles and do a floating LNG port ) that has already bought TGLO and has already gotten 88M dollars for free in market cap that may do a merger to actually get the $88M for Delfin. Even if you don't count the 300M shares they have that they might convert or retire or whatever, that's still close to $20M they have so far gotten for free.
Delfin can't get to that 20$/88$ Million unless they merge and keep the structure to keep the stock valued at $88million as a whole as it is. At least until after the merger.
True, the only asset TGLO has at present is its association with Delfin. But that is a legitimate asset and Delfin can't reap those profits until they merge with TGLO in such a way as to preserve those profits.
So, my opinion is that they will preserve a one to one stock swap for the new company otherwise everyone dumps the stock and they really just get a shell company and essentially start over with new shares and gain no fiat market cap for free.
I don't drink or smoke. But if I'm in the room with the guy who answers the question, "how do we get the stock price up so we get a cool 20 mil for free?" and he says "already done, boss", I'd buy that guy a cigar and scotch.