The hypothetical diluted post-merger enterprise value of Trident is now about $27 million. This is the value the Wall Street is currently willing to pay for the post-merger business, including estimated annual sales (based on numbers for the current calendar year) of $500 million, plus the combined intellectual property of Trident and the acquired portions of Micronas and NXP, plus existing customer relationships with Samsung and others, plus potential future customer relationships, plus potential future mid-range and high-end design wins.

The current share price also factors in Wall Street's estimation of the probability the that NXP deal won't go through (which it might not).

Of course, when you try to estimate a company's future business prospects there's always plenty of room for error. But the lower the price of Trident goes, the larger the margin of safety becomes. This is because a lower price for Trident gives you more room for error in estimating the company's future business prospects.