I see it as NWAU is selling its assets (and liabilities) to GEIV in return for 8+mil shares of GEIV. NWAU will have 8+mil shares of GEIV which will effectively be the Opco & NWAU will be the Holdco. NWAU will be an 84% shareholder of GEIV with an investment in GEIV. Now SOME companies distribute the shares of its investments to it shareholders. In other words, NWAU can either keep the restricted 8+mil shares of GEIV as an investment OR distribute them to NWAU shareholders on the basis of the o\s shares of NWAU to determine the pro rata basis fo the distribution. This is common & CMKX distributed the restricted shares that it had of USCA to its shareholders.
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