SPAC deal provides good opportunity for investor even without...

SPAC deal provides good opportunity for investor even without expected NASDAQ valuation.
Let's put aside US$ 750M valuation for a while and calculate, what is conservative fair value of EUR share after deal.
The MCap of EUR before announcement A$ 126M
Sizzle trust has US$ 159M or A$ 245M
Minus for example A$ 15M transaction costs, investment banker commisions etc.
The total combined EV of Critical Metals is A$ 356M
EUR share in CM is 80%, so value of EUR share is A$ 285M
The number of shares is 1 444M with no dilution for EUR shareholders!
The price after completion of the deal:
A$ 285M/1 444M = A$ 0.197
Let's assume that chances for deal completion 50/50. The diff between the price before announcement 0.088 and 0.197 is 0.109. As chances are 50/50, so we take half of growth 0.109/2 = 0.055.
So the current fair value of the share is 0.088+0.055 = A$ 0.143
And this super conservative fair value which does not include lucrative upside from listing on NASDAQ.
The current SP is only 0.097, 47% lower than fair value price.