The market is not always right. GameStop, AMC, even Tesla, they were all abnormal. Retail investors were able to game the market for a time, but that don't last very long. As I'm sure you can appreciate, stocks can be overbought or oversold.
EUR is well under its market cap, as everyone knows. Just like Genex, although unsurprisingly doubled in value just shy of the share price offered for acquisition, drops back down to 13c when the deal fell apart, does not in any way lessen the intrinsic value of assets (huge solar, wind turbines and pump hydro partially or already built). Just as Fortescue dropped in value and quickly climbed back again, it's operations continued normally during the period even handsomely profited from the risks applied by the market - dividends reflect as much.
I'll let you in one something, and everyone else can thank you for it for getting me to admit it. The reason why EUR reversed in late June and early July is because investors like myself bought shares. Just for that period alone personally I accumulated millions. Tony Sage bought just shy of a million (and as an insider this is publicly available as he has to declare it). I know of other Sophisticated investors who bought in or topped up. We don't trade, we hold over a vesting period, mine is 2026 which I've mentioned many times. Hence if you look at the graph whitekiwi posted, it will now look obvious, you'll realise that if it goes below a particular price point, investors like myself will accumulate. The likes of Tony might even top up again.
So yes, the market is wrong. It only takes a handful of investors to get the market cap of EUR to rise. And as we are clearly being shown by Sizzle, Austrian assets alone, to US capitalists, is worth just shy of a billion US dollars if to buy a share of ownership of the company today.
There's no reason I can think of why the SPAC-merger won't finalise. It's simply too profitable to let slip.
