Ann: Letter to Shareholders - Leo Lithium Priority Offer, page-48

I think people are just waiting to see the fulcrum point.
Instos playing the market, using this correction to scare SH's into selling. Dumping to be able to buy more shares (cheaper) plus via offer & shortfall.
There's a few weeks left until the offer closes, so currently it's a bonus to be able to buy in market now as the FFX portion of the SP is closing in on being 'free'.
You would still get more LLL shares per $1 spent if you bought through the offer at 70c if you were only interested in holding for LLL post demerger.
The closer we get to the offer closing, the SP should rise due to FOMO of non-holders, and lack of shares being sold by then due to the In-Specie record date.
If you don't sell your shares, they can't be bought cheap, so in theory, the price should rise over the coming weeks.
Remember - no fundamentals have changed. They're actually stronger than ever.