How do you value a shell corporation?

So I have a gig at a boutique IB for the holidays, and have been given an assignment to do from home. It involves back door listings of companies on an exchange.

So we have a client that is undergoing restructuring (that's our job), and they want to list on an exchange. Problem is that this company doesn't meet the requirements to IPO, so they're doing a back door listing. The way they're going to do it is by acquiring a shell corporation already listed, also known as a reverse takeover.

My job is to try and value the shell, since some are worth more than others (like if they hold more cash or IP etc.). So my question is, how do I go about valuing this shell? I'm trying to do a comparable analysis with other shells, but not really having too much luck.

Any suggestions?

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