Your post is still wrong and is insinuating to fraud the sec. Companies hire underwriters to make the valuation not the market as you suggested. The market does not know what the two combined companies are worth when they merger together until professional people that are hired value what the price will be to the market. Not the other way around.
If what you say is true, then why would there be a need for an underwriter? You do know that SC is a private company that is merging with a public company so there will need to be an evaluation of their combined potential to set the offering price.
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