RE:RE:QTRH could go to...........Top marks for Align Capital. You have to bear in mind that their 2020 (correct?) purchase of ETC was at a moment when covid was at its scariest. I don't think there were any vaccines at that time and no one knew for sure if the ones under development would even work.
So it looks to have been a daring move by Align--for which they were well rewarded. If Quarterhill had a chance to compete at that time then you'd have to say--with hindsight--that they were being a little too cautious.
That said, we don't know the degree to which the intrinsic value of ETC may have increased under Align's watch. Note that the ETC bought by Quarterhill (in 2021) came with the Ohio bridges contract. There may have been improvements in their IP, important hires, etc.
As I've noted here before, if Quarterhill had come to the table roughly two months later--i.e., AFTER the announcement of the sale of Transcore to ST Engineering--the price of ETC would certainly have been higher.