I essentially agree. I used to trade on margin, and found that too many short term prospects become long term investments and the margin affects some un-margined holding decisions in various ways.
I haven't put any bids in. I was looking for a short term play here, and it has already gone way too long. Not on margin, but I am running thin. Other plays didn't work out either. I am seriously damaged goods right now, so its easy to figure out why I don't like management's current delay posturing and neglect of the market.
Obviously, the bid reflects the same type interest from management as the failure to report, and loss of "active compliance." They can afford to wait and file late.
On the other hand, failing to purchase the currently available shares, which previously were not shown on the ask (ever), implies that they may have totally lost intererest in pursuing their business plan with any concern for the existing shareholder, ie. they have lowered their IPO target and they don't expect to price it very high.
As far as I know, an insider can purchase small lots without reporting except for once a year, an nothing but small lots would be necessary to get this back over $20 in a heartbeat.