In a de-SPAC transaction, is the valuation of the target company determined by the pre-existing SPAC trust value alone, or through a negotiated merger agreement that accounts for the target's fundamental enterprise value?

In a de-SPAC transaction, the valuation of the target company is determined exclusively through a negotiated merger agreement based on its fundamental enterprise value, rather than the amount of money held in the SPAC trust. A SPAC, or Special Purpose Acquisition Company, is a shell company that raises capital through an initial public offering specifically to acquire a private business.....