there are three factors for investors to weigh here in my opinion. 1. What % of Exph is Etc worth? (x) 2. How much does the fact that these wont be free trading affect their worth? (
y) 3. How many shares will there be in the new company? (z) So to determine what effect this will have you use Value= EXPH PPS*(1-x)+[(EXPH PPS)*x(1-y)*(100,000,000/z)] So if an investor thinks Etc is worth 25% of ...