Considering it's only a single growth plant, I would cut the spike as well and let the plant concentrate on more growths.
Allowing it to flower may weaken the plant and you may lose the plant. It sucks, I know.
Hope this helps.
Looks like the new owner, Jonathan Jones, is trying to revive Marlow Orchids. :)
I hate to report this but as announced on Facebook by Jim Marlow, he will be closing Marlow Orchids due to Covid-19 as he quoted...
"With much sadness, I'm announcing the closing of Marlow Orchids. Covid-19 has caused all shows for 2020 and well into 2021 to be cancelled. Been in biz since 1993."