$1.64
The offering circular from Alio advised that with the takeover, accelerated options, blah blah there would be 51.3 million Alio shares issued, and 53% ownership of resulting co. Therefore I compute 97 million shares out for new Alio.
Pre deal, old Alio was bumping along at $3.10 so a market cap of $159 million ignoring the cash they had.
At $1.80 today, and 97 mm shares you get a market cap of $174.6 million.
At $1.64 the market will be valuing the Florida Canyon assets at zero.