It is not unrealistic. If TCHH management really want to buy Paivis, they can keep the value of 1.30$ per PAVC shares. The chance is low but not unrealistic.
mstep - At the time PAVC and TCHH did announce a merger, PAVC had 43M shares issted and outstanding. The agreement was 1.30. Right now PAVC has 95M shares issued and outstanding. The Marketcap for the merger has not changed. More shares less PPS. It's easy as it is.