[thatthatis]

But not quite a merger of equals. 12mn in handybook funding, 3mn in exec funding, 10mn rumored merger price.

That suggests to me that exec shareholders now own less than 1/3 of handybook but probably more than 10%. Assuming the 12mn in funding has bought exactly 1/2 of the company, then handybook's most recent post money would be ~ 24mn. 10mn in new stock --> 10/34 as the share owned by exec. Probably more than 10% bc that's the amount they'd own if handybook was valuing themselves at 100mn. I doubt that they are that high yet.

This looks to me less like a merger and more like a realization by exec that their value is at a global maximum -- once handybook cracks sf on their own the value of buying exec drops substantially.

In my opinion a shrewd move by all parties.