that's the point. with 39M RNF shares, a sale of Pasadena for $50M will generate $1+ in additional returns for RNF holders. at todays price, that's a 8%+ ROI but the market is giving no value to a Pasadena sale.
With RNF stock valued at only the cash plus stock value of the merger, it appears no one is factoring in the supposed value of Pasadena between $1 & $3. Investing in RNF just for the Pasadena sale would imply a heck of a ROI; the market is applying no value to Pasadena?