Exactly. And the LOI has no bearing on the acquisition completion. It could be done already and on the verge of being released to the public or it may never happen. The LOI gets the companies to the point of looking at the inner workings and financials of each other and locks out any possible suitors until the LOI expires or a deal is finalized. July 19 really isn't that important with a PPS this low.
If the deal collapses the price won't fall far but buying here could still net people a 100% loss. Just because it's cheap doesn't take any risk away. The upside is totally unknown since we little people don't have enough verifiable info on KoolTel.