It depends on what the weighted market volume average favors per pr: The final exchange rate for the common shares of AEGY and SKTO will be based on the volume weighted average market value of each company on the record date, which has not yet been determined (see Traderboy1966's post #26823). Also, if you buy SKTO you'll get 1 share of AEGY per 6 shares of SKTO (~600 million/100 million)