$.50 vs, $.23 SP Trust vs. lack of trust.
I would not pay a penny over .23. Not having the trust that management can deliver and hasn't to this point.
Investors know that they can acquire cheap stock because every time the SP moves a penny or two, sellers pile on.
Investors also know that if there is no JV, they will be able to get this stock for a dime. So it's a waiting game. If a JV materializes, they will gladly pay more.