My best guess is if a sale of the company is announced the price will be between $10 and $20/$500m to $1b. I can't see selling under $10 given that the compnay was recapped under O'Connor with investors putting in more than $200m at an average cost basis of $12. I also can't see the compnay staying independent because doing another dilution on terrible terms like the $2 one would dilute the majority of our interests into oblivion. Also, the majority of the management team that runs the company has seemingly left. It's pretty obvious some type of change of control is happening.
TC --- if this B/O is happening quickly as we suspect one important tell would be heightened activity in trade for the warrants as an arbitrage opportunity whereby you sell the underlying stock for future delivery and use proceeds to purchase warrants at extremely favorable ratio.