The volume has been very low for weeks now. No one is selling and no one is buying. Everyone is waiting to see what happens between now and August 9th.
If there is good news, merger, or buyout, the shorts will be scrambling to cover at any price.
On the other hand, if nothing comes up good for the shareholders, look for further downside.
So that's what's happen, longs do not want to sell in anticipation of something good happening and shorts don't want to short until the see either the good or the bad. JMO