why still grounded - and not flying?

I'm a long term holder of ACL. And, totally at loss to understand the current SP. Fonda alone, should be worth about 30-35 cents/share. Which implies market is currently valuing oncology & VAST at abt 30 cents/share.
Why?
Is it lack of NASDQ listing; is it institutional investors not believing the story (several past ACL 'disappointments'); is it lack of faith in management; is it Board/management shortcomings; is it concerns re Phase 3 trial outcomes; is it uncertainties re the real medium-long term value of the HA platform (oncology is a fast moving area); is it 'someone manipulating' the SP; or?
NASDQ listing have boomed over past 12 months; starting just after Audeo backed-out! But, it looks to me like a 'bubble'; and they often burst.
If what we're being told by the company is correct; this stock should be about $3/share. And, today, it's about 20% of that.
Why?