The correct sequence of mechanistic steps involved in the formation of product in the following reaction is

Concept:

• Prins reaction is nucleophillic addition of alkene to aldehyde or ketone assisted by an acid
• intramolecular Prins reaction leads to cyclization and thus called Prins cyclization.
• Pinacole arrangement involves conversion of 1,2 diol system to carbonyl system in the presence of an acid (lewis acid or proton ).

Explanation:

• Firstly, SnCl4 (lewis acid) coordinates with oxygen whose lone pairs are  most available for donation.
• The positive charge on O coordinated to lewis acid will undergo neutralization by bond breaking and oxonium ion forms.
• In the next step, alkene adds to carbonyl carbon to form a 6-membered ring with a tertiary carbocation. This is called prins cyclization.
• Further, the formed carbocation undergoes pincaole rearrangement to give 5-membered ring

Conclusion:

The sequence of steps involved in the given chemical reaction are:

(1) formation of oxonium ion, (2) Prins cyclization and finally (3) Pinacole rearrangement.