I think the price action is indicative of a takeover being...

I think the price action is indicative of a takeover being planned. If you look at the price action at the end of the day, enough money is always being pumped into the sell side to ensure the lowest price is achieved, There are already over 20% of shares shorted and I don't believe the shorts (with very deep pockets) are extending their position at this price level on the basis of any rational risk/reward calculation.

PLS is the cleanest and probably best (given no debt/in fact significant cash reserves, low production cost, size and jurisdiction) for any of the established mining companies (or national interests - thinking major oil producing countries) to have a significant exposure to Lithium. Obviously they will do what they can to make take over offer price as low as possible - likely around the $6-7 range.