I was under the impression that, at least to a first order, $1 in cash in a company's checking account (money that could be immediately released to shareholders

I was under the impression that, at least to a first order, $1 in cash in a company's checking account (money that could be immediately released to shareholders) does correspond to $1 of their market cap (MC=EV-Debt+Cash [1]). Why do you think this is not the case here? [1] https://corporatefinanceinstitute.com/resources/valuation/enterprise-value-vs-equity-value/ https://corporatefinanceinstitute.com/resources/valuation/en...