if the earnings of the companies are $25B and if the current share count combined is 2B and the companies trade at a 10x multiple, but the share count is diluted 99% when the SPSPA is converted to common that's 200B shares, then if the warrants are exercised that's 1T shares, then if you have a capital raise that's 2T shares.
so that's an EPS of 1.2 cent per share per year. price of 10x would be $0.12 in that example.