RE:Why Profit taking. There are plenty of people who are in stocks like this for the short haul, if you got in last year you're up over 100%, it's a common sense play for people looking for a quick turnaround on speculation without taking on long term risk, they don't want the spin off shares, they want the cash, now, to go into their next investment.
Plus, you have to set aside the enthusiasm of people who claim to have done due diligence and instinctively pump the stock to absurdist levels. The market decides what a stock is worth, not message boards. And right now the market is pricing in risk on top of what it feels the value of the company considering the spinoff.
And right now, the market thinks the value of the company and its spin off, and the risk associated with both of them, is $2.98.
Which seems about right to me. If a producing salt mine were worth $10 - $14 per share, pre production with associated risks it would trade for $2-$4. The market has no idea what to value the spinoff at right now so it seems completely discounted from the price.
Remember, an unlikely but possible risk is the spinoff doesn't happen at all. Or its voted down. While unlikely, markets price in unlikely events along with everything else.