I think your math is wrong:
On Sep. 23rd 28262371 shares were outstanding.
On Oct. 12th another 21136250 were sold for $400000, makes in total 49398621 outstanding.
These will be reverse splitted 1:50 to become 987972 shares.
Then the company will sell so many shares that the new owner has 90% of outstanding shares in total. That should be based on the 28262371, not the 49398621 because he already owns a part of these, therefore it should be calculated this way: 28262371/50*10=5652474. 5652474 should be the outstanding share count at the end.
Cash distribution is not completely clear because they seem not to know how much all costs will be. They seem to estimate, that $200000 up or down will remain. These will be distributed to the shareholders as of Oct. 11th. Therefore divided by 28262371 shares. That's about $0.007 per old share. Or $0.35 per reverse splitted share (but will only be paid to shareholders of Oct. 11th). That's not much.
But we will still own 10% of the company.
I don't know how much the new company will be worth and I even don't know how much the buyer has to pay for the rest of the shares. He did pay $400000 for 21136250 old shares. But then he has to buy another 254361339 old shares resp. 5087227 new shares.
What will he have to pay?
- Current closing price, something like yesterday's, 0.033: $8393924? No, I don't think so.
- The same as he did for the 21136250 shares of first tranche?, 0.0189: $4813746? Perhaps, but I also don't think so.
But if he does, the company has $4813746 cash on hands of which 10% is our share. That's $0.85 per new share or $0.017 per old share.
I guess something like that is the deal. And I hope my math is correct.
Then we have to wait for whatever comes.
Another sale of the company? Or buyout of another company using the cash?
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