It's not a stupid question. Yes, the share price of SZZL shares today will be CRML share price at open (give or take). The difference is, CRML would have more shares issued, so the market capitalisation of CRML will be higher. This is what results post deSPAC mergers.
This is why the calculation is:
share price x number of shares = market cap
However, as right as this calculation is, a friendly reminder that it is not the correct equation. It is simply reversing the correct equation, which is:
MC or enterprise value / # of shares = share price
It is important to note that Nasdaq investors base their trade on future valuation of the company. This means they will acquire at a price today with the view of selling at a higher price tomorrow. It is equally true with the reverse, if the view is that the company would be less of value in the future then it would be shorted.
This is important among many things but what I wanted to point out with this post is the importance of timing and what Tony has been doing in the background. If you want to be seen as a value stock upon IPO, then you need to place the ground work to be seen as such, to have future plans that would unlock value, prior to public offering. Pay attention to the language used by Tony and just as importantly, Carolyn (she's used to speaking to the U.S. market). They speak of the future value of the company and projects, relatively to today's acquisition of USD750M based on pro forma enterprise valuation during the negotiations (unfortunately it happened before DFS lands a $1.2B NPV but can't complain) that the company is poised to increase in value over time.
It's not about the share price. I can't repeat this enough. It is about enterprise value and how that translates to market capitalisation. ASX, MC is more than always lower than EV. In Nasdaq it's the reverse, MC is multiples higher than EV... and that in turn is reflected on the share price.
EUR will trade based on what the U.S. market values CRML. Hence the excitement.
Hope this helps. Cheers
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