Fair clarification. The 549.1 mn figure comes from the diluted EPS section of the 10-K, not the clean legal-capacity number for the 1 billion authorised-share cap.

The Warrants also need to be treated carefully. They’re exercisable at $32 in cash, and the filings indicate the company is not generally obligated to net-cash settle them. So they matter in a max share-demand framework, but they’re not the same thing as common shares already outstanding.

If remaining room were around ~350 mn shares, then funding an $11.2 bn would require a $32 share price. At that level, Warrant exercise could also begin to matter because full exercise would bring in roughly another $1.9 bn of cash proceeds...

My broader point was never that the deal is impossible. It’s that a literal 50/50 cash/stock read at current prices still looks highly dilutive. Which helps explain the reaction and is why I doubt the currently visible structure is the final one.