Nomura performed multiple methods to value the combined company, not just this one. If people are even reading the proxy, which I doubt many have who are not already invested, seeing multiple different valuation might be a little confusing. I expect the next major run up to begin once the merger is finalized, S3 comes out roughly 15 days later, and then research reports from Piper Jaffray and Nomura come out. Those research reports will be read by more potential investors than the proxy and they will be more insightful, IMO.
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