> what would happen The market cap would not change. Enterprise value (which includes asset) = Market cap + debt (borrowings) - Cash. Therefore, market cap =

> what would happen The market cap would not change. Enterprise value (which includes asset) = Market cap + debt (borrowings) - Cash. Therefore, market cap = enterprise value + cash - debt. So the company now would have EV of 100M and 0 cash and 100M debt. Its market cap stays at zero.