I would imagine any trapped holders would just be waiting for...

I would imagine any trapped holders would just be waiting for news. Doubt we will see a meaningful buy side.
Case a point today. Touches 2.9 and instantly all it takes is a few hundred k shares and back to 2.6 with buyers sitting at 2.5

Would say this is going to trade in the range of 2.5-2.9/3 until news.

Maybe a potential run into options expiration given there seem to be a fair few thinking the deal should be done before then to lock in some money (myself included)

Perfect time to accumulate if you believe the deal will get done in a few months. Given the pop on the last announcement, anything whether there is no share dilution and an upfront payment of 10mil this will run hard.

Yes I know people are going to say TO keeps saying 45 mil upfront. but realistically I doubt that'll happen. Its not an inaccurate statement because he is basing that off other peers but realistically I think it'll be far less. Still 10-20 mil is 100x to 200x the MC in cash alone plus the knowledge of moving to phae 2.

Patience is required for this stock. Otherwise, 2.5-3 is still a 20% return each time it occurs