I use market cap because that is what the exchange

I use market cap because that is what the exchange will use. It is no different than a 1:1 dividend straight up. So if your share price is $3 and you have 1000 shares, your acct is worth $3000. Now you get a 1:1 dividend. You now have 2000 shares at $1.50, so the same $3000. Now we have a variable that 20M + shares are being retired, so we have to adjust for that.

Disclaimer: Of course, all of this is my opinion and you should not make any investment decisions based on my opinion. I have not received any non-public information.