I doubt they would. And I'm not saying that AEV has no value...

I doubt they would. And I'm not saying that AEV has no value beyond their bank balance and equipment inventory. Just saying that the value of a spec with zero revenues is purely the amount of money you are prepared to punt on it. That's how I see it anyway. Pointless trying to time your entry using a valuation model - just take a position using money you have set aside for allocation to high risks plays, knowing you could either win big or lose all of it, and see what happens. For me, if I didn't have a position in AEV at these levels, I'd be more uncomfortable buying it AFTER it's run up a few cents, even on good news of a BOA, because if it stalls and starts to fall back, my nerves would be frayed knowing it can go a lot lower than the levels from which it first ran. It's a psychological thing.