I'm not seeing the report, or memo, Indicating what you are indicating. Then I saw at the end of your post IMHO.
Why don't everyone posting here actually stick with credible dd and facts? Come Tuesday morning at 9:00 am, the facts about the merger will be made public. Until then I could post that the 32 million float will be reduced by 10 million and the o/s down to 62 million.
The merger will not only be non- dilutive, but will end up with absorption of common stock. Increase revenue and lower the SS.