FTT is a shell. They can acquire something by paying in cash or...

FTT is a shell. They can acquire something by paying in cash or paying in shares. In most cases, both.

Cash is from... Shell company already has it or shell company does a Capital Raising at whatever price and uses that. Most of the acquisitions I've seen is coupled with a capital raising because that's the time where they can get investors (or mates) in and that's normal.

In any case, there will be dilution due to CR or payment of the acquired asset in shares. How big that is? No idea, at this point it'll probably depend on how good the acquisition is and market will price it accordingly.

The wait continues...