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My Guess Revolves Around Several Points As Follows...
I'm thinking some entity representing the ultimate buyers were given a price range to buy all that was being sold.
They don't want new shorters pushing the price down and risk either retail or II's deciding that the lower price would be worth buying and sitting on the shares for a couple months for an easy fixed profit.
For Instance, it wouldn't take a rocket scientist to see if the stock price hit $11.00, for example. Then when the buyout occurred someone could make an easy $1.50 profit per share for every share they could buy at $11.00
They also don't want any other shorters, that were not part of the underwritten financing, to cover and get cheap shares either!
If anyone will be buying cheap shares, they obviously would want to limit that as much as possible to the new buyers 
I also think that I saw that the finalization is a "by a certain date" type of contract.
The way I read it left me with the impression that they could close the deal sooner... like if they ended up buying over 50% of issued shares (probably via a broker that represents the new buyers and is sitting on the BID below the buyout price.
My guess is that the broker worked a deal that ever share they can buy under $12.50, they can eventually sell to new buyers for the full $12.50 and pocket the difference (plus a small fee of course, lol).
On the other hand, I doubt we see the PPS spike over $12.50, unless the buying broker sees a chunk of shares that is above $12.50 and perhaps they decide to dash and buy, then drop again below $12.50.
So, a broker can set multiple buy orders covering like a 10 cent range and set a large possibly hidden buy just below that as a hard bottom price.
As I said, they don't want they price to drop too low by new shorters.
Well, I'm currently multi tasking. I had a couple other ideas to add, but at the moment I can't recall because I'm really focused on something else...
I hope my guesstimate of the situation helps. I can't swear that the contract has the option for an early completion, but I think I read that...
Yes, the deal still needs voting approval, but IF today's trading really was a bunch of II's that had been holding shares for this upcoming buyout, then 50% of the shares were just bought and the board can set a vote whenever they want and guarantee it will be approved.
Yes, it smells of collusion and unpublished material negotiations dating back to potentially as early as the financing was underwritten the first time!
And yes, they probably built the best facility they could afford (with our investing money) while planning to not fill the production to capacity.
Problem is, I can't prove any of that... but it seems highly likely.
Btw, did anyone else notice that there is still an open facility called Peregrine overseas that will be included in this purchase?
Things that make ya go hmmm... ikr?
OK, I gotta run.
Everyone can feel free to post your comments.
I freely admit that I may have made typos, or included incomplete thoughts, since I was multitasking.
Hopefully this all makes sense... not that it makes me or any of you happy, but there ya go!
Good nite for now & best wishes that someone comes up with a good loophole for us to recover a little more than $12.50 per share.
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