You’re right in saying every share of NGIO given away equally deducts from intrinsic value of GNBT as a whole. But the caveat here is the record date of ~23mm shares joe has referenced several times. Assume a fixed number of shares of NGIO, If float shares are getting it then you gain value in GNBT, NGIO, and both. 1 share given to you is one share you own along with 23mm other eligible float shares. One share in the GNBT coffer is owned by ~44mm other O/S shares.