Is Innovative International Acquisition Corp. overvalued or undervalued?

As of 7 September 2023, the valuation grade for Innovative International Acquisition Corp. has moved from does not qualify to risky. The company appears to be overvalued given its negative valuation ratios, including a Price to Book Value of -0.21, an EV to EBIT of -1.44, and an EV to EBITDA of -1.51.
In comparison to its peers, Innovative International Acquisition Corp. has a P/E ratio of -0.1527, while ESGEN Acquisition Corp. also shows a negative P/E of -4.1801, and Mountain Crest Acquisition Corp. IV, which is rated fair, has a significantly higher P/E of 49.2202. The company's returns have been drastically poor, with a year-to-date return of -98.95% compared to a positive 12.22% return for the S&P 500, reinforcing the notion that the stock is overvalued.