Buyer shares after the deal
Lockup on the deal's shares
How a stock-funded acquisition pressures the share price cash pile buyer balance sheet untouched — no cash share count new shares created equity pays for the deal 1 · equity-as-currency paid in stock, not cash Dilution, lockup and float supply target shareholders receive buyer stock deal shares lockup gate float thin slice 2 · dilution 4 · float & lockup supply ownership pool split into more slices deal cost cost deflates cost inflates cost steady buyer stock share price 3 · re-pricing feedback share-price move driven by dilution + supply AI thesis operating business unchanged ≠ 5 · outcome — the drop is plumbing pressure, not the AI thesis