The more I watch the price action it looks like systemic selling by a big player (Freeform Capital, or other).  Could that big player have other losses to cover, if it's Freeform are they looking to profit and jump ship, or there could be other speculative causes.  We know any other warrants are not even clost to being 'in the money'.  Either way, this is stair step selling where any strength in the bid gets sold from a computer algo.  

Meanwhile, EV is around $10-11M U.S., less cash, and my thoughts of getting closer to cash value seem somewhat respectable.

Otherwise, my main concern still remains to be an unsolicited bid not close to true value, where shareholders might agree to something that's not truly representative of this opportunity.  I think there are too many strong holders, mgmt and institutions, that most likely not let this happen.  

All the best,