For sure it is a mixture of all this. No one thing explains it but many of these combining forces mentioned will be contributing. whilst the company fails to deliver (news/contracts/unclear dilution) it will continue to be vulnerable to the downside. IF it starts to produce some revenue shortly as they have suggested then it will draw a bottom line on the stock as these revenues will likely be consistent and long term. The shelf registration will continue to confuse, but my opinion is that it will be a positive factor that triggers it.
From my point of view i struggle massively to believe that even one of their many streams of potential revenue, the EOS printer will, remain idle for any amount of time. There are definitely companies out there who will make use of it. Contracts may take time to sign but i have ZERO doubt it will be utilized. This creates a constant revenue stream if not as we speak, then very soon. As was pointed out this am it wouldn't take a lot to support a market cap at present levels. Then there is also the well discussed major upside potentials from their other contacts/projects.
Up/down 5% on small volumes and high fees is not too worrisome for me. Obviously one would prefer the stock to be up, but i would rather it up on real news and not just speculation. Have always been a long term view here and i see absolutely no reason to change that view.