What will happen if the KWG shares start trading at 15 cents? That would intuitively make each SPQ share worth slightly over 18 cents (based on 1.21 ratio) if the merger goes through. That would be grounds for the Board of SPQ to not recommend accepting the 16.5 cent offer, would it not?

And as mentioned, we need to see what the independent third-party valuation says. That could open up a whole new ball game (in either direction), possibly.