All depends on the buyout price. I would prefer to see a couple quarters on exponential revenue growth with sales and expansion before a buyout. This gives ICNB leverage to sell for a higher stock price. Right now it would be easier the buyer to throw out a price (that would most likely be lower). In either case, they would negotiate a buyout price and convert it to the new company stock.
The buyout price would be an evaluated price (what they think ICNB is worth) and they would calculate amount of ICNB shares and determine a stock price based on both figures , next they would use this # and determine how many shares of the new company. Its is all based on share price and evaluation price.