Ann: Merger Proposal Update, page-25

While I think declining the offer was the better choice because SPACs are viewed very unfavorably by the market these days, Wayne did say in the video that dilution was coming one way or another. It's likely a good bet that the share price will be higher in the future but it's not guaranteed and he did say that an increase in market cap due to a quick NASDAQ uplist could have made the earlier dilution with the SPAC deal trivial.

Another thing he said is that his call volume from other interested parties picked up once the offer was announced, so him and the Board may have been swayed by the possibility of better offers. It sounds like the offer was good publicity that drummed up a little institutional FOMO.