Theoretically, whatever the market cap is of the company merging in would be added to the existing market cap, since we would now own all of those assets, IPs, etc.
But the market is usually forward-looking and would anticipate that kind of thing. However since we have nothing definitive, people are hesitating on buying shares here which is understandable. However we have the advantage of being in before the catalyst(s) so I expect we will get to enjoy riding a wave. Purely my opinion.