There's no reason it should ever have been worth so much more than the sum of MetaMaterial and Torchlight market caps pre-announcement. That would have been around $200 million I think.
Even after this collapse it's still $600mm unless you think that special dividend is worth a lot. But I don't see why that div should be worth more than TRCH's original market cap, which was around $50 million.
Numbers above are very rough - but even if you adjust them by 50% in any direction the point remains the same.
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