by your estimates, MIG shareholders (if SPCL issue 316m shares to MIG shareholders) will end up owning 75% of the combined entity. but i think it would be unlikely the shareholders of SPCL / founders of PixelMag will cede control to MIG/SG at this early stage? they literally just backdoor-ed themselves into SPCL. Plus, PixelMag, according to the posts, is US VC-funded, which means a change-in-control (in the scenario outlined) would trigger notes being converted and/or tag-along rights that effectively may required MIG to pay off these investors.
