The SRSR story is not widely known so new investors are not flocking to the play in mass. This is why IMHO the price is sitting at its long term support price.
Secondly the market doesn't necessarily care what the story it is reacts to news. Note when the LOI was announced the stock surged to 6 cents which is fairly close to the proposed deal price, indicating the market was expecting the deal to close. When the deal was not closed in the fall but the exclusive was extended the price collapsed down towards two cents again. As the extension date got close the market once again started to rise in anticipation of a deal and went over 4 cents. when the end of the extension brought no deal the price fell back again to 2 cents. This indicates that the market participants are not willing to bet that a deal is going to happen any day like you say it will.
There is approximately a 75% discount between the deal and today's price and the price is sitting. The unwillingness for investors to buy shares in mass with such a huge discount doesn't indicate to me a deal will happen any day? If it was why wouldn't people be buying for a 300%-400% return? The reason is they lack confidence to make that bet!
The price has fallen to what is typically the floor for the stock and folks are in a wait and see mode. The next development will dictate what happens next.
If a deal becomes more likely you will see investors buying aggressively.
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