There are approximately 3.0 Billion shares outstanding not including the $25.0 milliion to Morgan Stanley So, at $.02/share the current market cap is $60.0 million. You add in the $25.0 million of debt and that comes to $85.0 milllion The valuation seems fair.....haven't done a deep dive on how much we (sanuwave will have after the merger. I'm assuming the spac sponsors will retain 20% So, yeah...these numbers seem right