People are waiting on the fence to see what happens, I guess.
You ever sell a stock right before GREAT news hit? I have. I sold PMED an hour or two before they had an approval to sell a product in Canada PR that took the stock from .009 (where I owned it), to over .03!
That being said, with the rumor and speculation surrounding this, it will probably be pretty tight until we get a catalyst one way or the other.
Note that the OS and AS are about the same. So if this starts dropping like mad without a PR, you can bet that they filed for increasing the AS to prepare for some dilution. On the other side, if we get a PR with the confirmation of the merger, we KNOW there won't be any dilution because all the shares are already out!