IMO, That is what the Yorkville-PIPE is for. But that won't prevent our SP from tumbling, unless talks with Banks have guaranteed funds no matter what happens with the SPAC. I certainly think your question is merited and the concern is valid.
Manipulation of creating atmosphere retail buyers would hesitate to buy at current low pps, by the time NioCorp on NASDAQ with higher pps because of R/S, institutions would grab shares away. Limited resource retailers could only stand on the sidelines watching it unfold.
If a person redeems and does not take the stock, yes the company does not get that cash. But the company retains those shares which will then be available on NASDAQ which can be sold.
The volume of GXII shares, now priced higher than the deal price, seems to show that there will be demand for NioCorp after the merger. Most Institutions can’t currently hold NioCorp shares until it is listed. It seems that they are willing to pay a premium now because so that they don’t miss a potential price run up.
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