Agreed, plenty of recent examples of companies either getting a...

Agreed, plenty of recent examples of companies either getting a takeover offer/having a large stake of the company and the SP following:

LTR~ When ALB offered $2.50 and then $3 the SP followed (100% ownership)
LRS ~ PLS just bought it out for 20c, SP went from 12c to 19c in a day and then now trades around 20c (100% ownership)
LPI ~ Bought out for 55c, went from 30ishc to 55c in a few days (100% ownership)
Frontier Lithium - Mitsubishi bought 30% of their shares and valued the company at 30% more then their MC. SP went up to that evaluation.

Market is forward looking but is it is generally hypothetical for pre-revenue companies. However, when a company pays money for another company, it tells the market what the company should be valued at based off another companies analysis. (at least for a period of time).

I would say there are two main reasons why we haven't risen to the eval of a 325MC

1.) Unknown stock and low liquidity means that big players have ample time to accumulate. Saw it last few days plenty of 100-200k walls going up.
Once they have their fill, I have no doubt the next leg up will eventuate and then retail fomo will kick in

2.) As previously pointed out, the second tranche is still based off shareholder approval (which I have no doubt it will get up) but more importantly the DD
With mutiple companies in recent history failing the DD (LTR, GLN to name a few) I think it will be a little cautious of going to full evaul pre final approval.

In saying that, once that's done and dusted this should fly to 50ish cents if not more.
Gotta think, if tranche 2 comes through. The company would have 160 mil in cash and only be valued at 112mil at its current eval.
Not even factoring in that the cash is only for half the company.

Nothing is a certainty in the stock market but I haven't seen a stock with such a strong RvR in the short term in some time.