How I read the 8k, FIO will still be a subsidiary of Sandisk which indicates to me that FIO will still be traded, not absorbed.. They will have controlling interest in FIO when they buy most of the shares outstanding. maybe I am wrong, but this is the way I read it.
Wrong. Read the details: SNDK does what they all do: Sets up a wholly owned sub (called Flight Sub Merger or something like that in this case). This subsidiary merges with FIO, with the FIO brand remaining as the name. So this wholly owned entity, which is not publicly traded, remains a subsidiary.
Reading is fundamental. It's all in the SEC filings.