It is a tough paragraph to read and leaves room for interpretation. I highlighted two key parts of the last sentence. The first is that the shares are on a pro rata basis which is not explained further. The second highlight indicates that the 250 million is a combination of issued and outstanding which isn't broken down.
The total shares of the Company being issued on a pro rata basis to Vape shareholders represents approximately 74.95% of the total issued and outstanding common stock of the Company.
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