I'm hoping new insiders from a merger will purchase a majority of the newly approved M&A shares, and leave the current low public float as is.
Potential merger partners might not want the market cap going up while they are negotiating a deal. There should be enough merger shares issued for them to gain a majority interest without buying up the public float in advance.
If it was my private company merging I'd be buying the public shares heavy at this level for more control. Even if it did pop the share price a penny or two. But I'm a control freak lol. imho gl
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