Well, starting PPS is pretty easy to determine. Just take DEXO PPS and multiply by 5. BTW, you will have one fifth your total share count upon conversion keeping same dollar valuation. If DEXO is $2 per share at time of conversion, then DXM is going to be $10 per share.
Next item to consider is market cap or overall market valuation of DXM. If the share count ends up at 17mm shares after conversion, a PPS of $10 is only $170mm market cap. So, figuring out trading range may be simply be a calculation based on perceived market cap after conversion. I like to think that market cap would be a minimum of 250mm upon completion of merger. On the upper end, I doubt market cap will be above 400mm for some time. This gives an implied PPS range for DXM of about $15-23 per share.
Obviously, I am a buyer here at converted PPS of just over $10 per share at today's prices on the expectation that the BK will be approved without any material modification that affects equity and that merger will be completed as planned.