How is no-par-value stock characterized in terms of valuation?

No-par-value stock is characterized by the fact that it does not have a par value assigned to it, which means it does not have a nominal value set per share as with par value stock. Instead, the corporation can determine its own value in the context of issuing the stock. This allows for more flexibility in pricing; the stock can be sold at whatever price the market will bear or as decided by the company's management.

When no-par-value stock is issued, the corporation typically doesn't have any restrictions imposed by law pertaining to a minimum price at which the shares could be issued. The value assigned by the corporation is often based on the current market conditions and investor perception, which can fluctuate. This makes it relevant to focus on the decision made by the corporation regarding the valuation, rather than implying that it must adhere to external imposed values or market conditions rigidly.

Other options suggest fixed parameters or outcomes that do not accurately reflect the nature of no-par-value stock. Hence, the clarity around how it is valued—based on corporate discretion rather than state law or an arbitrary fixed value—is key to understanding no-par-value stock.