I assumed the same number of LTWs outstanding for both calculation. Where the dilution comes in is the merger adjusted stock price. Essentially for the calculation we assume the stock price is higher than it really is by multiplying it by the merger ratio to determine the number of shares/LTW. However, this lowers the value of each LTW. There isnt any reason why the value of the LTWs should be lower after the merger, but according to the formula in the warrant agreement they are. Am I missing something?
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