Looks like the 18,500,000 is just the half of the story
692,262,060 + 18,500,000 + 18,500,000 = 728,762,060
728,762,060 * 5% = 36,438,103
36,438,103 / 2 = 18,219,051.5 which is about 18,500,000
The 5% would likely be on the fully loaded share count including the dilution.
So old Frankie would get about 36M shares ish
One problem among others is the AS is 750,000,000 last time I checked which means NewCo would only have 21,237,940 do to anything with. I would expect NewCO to increase the AS first thing. Likely a RS to go with it as that is what most reverse mergers do. CF even said he expected a RS in June.
NewCo usually go public to raise dough. We already seen what happens when Frank 'funds it' himself.
But keep in mind... There has been zero. LMAO