is the market discounting that a deal will happen Having watch a private placement financing for another company GSI that dragged on for 3 months, the share price slid after popping up to near the pp pricing. The market believed that the 3 delays meant that the pp would not happen. The pp was at a premium to the share price, so the share price slid back to what it was before the pp announcement. The market was right.
Based on the "holding pattern" of the share price for the past 3 months and continuing to this day it appears that the market is discounting that a deal would happen. Current price appears to be what investors would say, I'm ok to hold this and let's see what unfolds in 2021.