That’s the US$750million dollar question..
It reflects an implied valuation based on issuing shares to EUR that on paper are valued at $750M. They’ve essentially found a legal way to impute a valuation they like onto the transaction, that doesn’t represent anything real or anything that anyone has actually paid real money for. You have to admire the accomplishment.
Whether the market sees it for what it is or not remains to be seen.
General Discussion, page-297
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