Many deep pocketed buyers are waiting on confirmation of the funding before buying. That is how many people get wealthy by being careful with their money. Then there are people like me who are willing to take more risk for a greater reward.
IMO, what we are seeing is buyers wanting shares as cheap as possible before CONFIRMATION. Smart money knows what the price will be after confirmation but why drive it up before? These guys make a living buying low and selling high, and they are very greedy SOB's. I believe we are very close to getting the sign that the bidding war is on, L2 will be obvious.
Truly big money is more concerned about preservation of capital than growing it quickly. They'll pass on the 50 or 100 bagger potential where they could lose it all to have a 4 or 5 bagger that is virtually secured. They'll buy when the money is in the bank. Some may even wait for it to be pr'd so they don't get slapped with insider trading crapola.
Just because they don't play by our rules doesn't mean they don't exist.