It is difficult to think that the merger would not happen because of the fairness hearing. The hearing is for Amstar stockholders and it is Amstar who wants to go public. Amstar only need a majority to hold the meeting. One can assume that they are doing what's necessary to get the deal going.
If the deal does not go through, I would expect the pps to drop then settle back up into the current trading range but I am not thinking along these lines right now because there is not much longer to wait and it is best to assume that the deal will go through.
One reason the stock is depressed is because many freaked out on news of the reverse split. It could have happen before a merger but it happened after the announcement of a merger because the share structure has to specifically fit this deal. A merger with an other company could result with something different share wise.
So if and when the merger happens, the pps will take into account the split plus whatever the merger is worth. Based on what happened on the earlier news of the merger and the huge spike, one can assume that some momentum would happen when the deal goes through; Amstar has revenues after all. Probably not as much momentum would take place because a lot of people will be watching and will want out at break even. One can expect a "cup and handle" type of pattern on this. It is speculative play at this time but averaging down on the way up is something to think about.
Market Data 
Markets 
AI
