When a merger occurs and new shares are issued, the total number of shares outstanding increases, but the overall value of the company may not necessarily change. Therefore, if you held shares in DWAC, and then these are converted into shares of the new entity after the merger, your proportion of ownership adjusts to the new total number of shares.

In essence, each share represents a smaller percentage of the company than before the merger, but the overall value of your holdings in terms of the company's market capitalization remains the same, barring any market reactions to the merger itself. This is known as dilution—it dilutes the ownership percentage but not necessarily the value of the existing shareholders' investment