Nope pretty plain an simple, and .02 should be the floor but typically you would issue shares such as this at a discount since they can't convert for 2 years and more so since this is still an empty shell.
Steady flow of news to come will change all that
Name change soon Merger within 30 days More mergers coming They look to be SEC reporting
Then they will state they have raised money with shares priced at .05, my guess is they already have people lined up for that or know that it will be easy to sell shares priced at .05 or they would not have disclosed that number in a PR