Negative EV

Hey guys,

Quick question here - I know that it is possible for companies to have a negative enterprise value, for example when market capitalization is extremely and cash balance is quite significant. For example, banks often have negative enterprise values as a result of their large cash balance.

However, what does that imply in terms of valuation and multiples? Clearly a negative EV/EBITDA multiple would be a bit nonsensical, right? Also, if a bank has a negative EV and gets acquired, will its purchase enterprise value be negative? If so, how does that make sense? I know that banks and financial institutions are valued differently from normal companies, but what if normal manufacturing company had a negative EV. What would that imply in terms of valuation multiples and purchase EV?

Maybe I'm overthinking here, but any help would be really appreciated.

Thanks!