Ann: Pivotal enters into Merger Agreement with OmegaX, page-8

Apologies chaps, but if you don't know how "valuing PVS at US$18m" translates into the bloodbath you're taking on your shares, you probably shouldn't be investing your own money.

US$18m is the enterprise value (aka EV). The EV is the total value of a company, including the market cap AND the cost to pay off all debt. And PVS has a whole lot of debt - especially after the hail mary financing it's taken on recently.