Doesn't matter if trading does or doesn't pick up. The valuation for the virgin shell is huge:

10M shares for sale @ $0.25/share = $2.5M shares sold. Not all will be used to acquire assets, some will be used to fund the operations.

Still leaves $BCAP with another 15M shares unsold = $3.75M which will be booked as an asset.

Assume 2M shares from that 15M belong to the shareholders that acquired the shell, that's still 13M shares @ $0.25 =  $3.25M

I figure it won't even be that high, but lets work on that assumption. Add another $300k stated net assets = $3.55M net.

Understand that every 1 tick in $BCAP = $236k

$3.55M / $0.24M = $0.015 / share net assets

I'll have to read the report a couple of times to understand it.