Only reason might be speculation about higher than expected cash burn in next quarterly.
But the simplest and most convincing argument is simple market volatility. Shares don't go up in straight lines.
I have bought by parcels and $1.30 and $1.70, and still quite convinced that the last parcel was worth it.
Regarding takeover talk, its now beyond possibility, especially given the Japanese links and the recent RE announcements. Some pretty powerful countries see companies like GXY as pawns in a wider geopolitical game, so huge volumes of cash are out there ready to pounce.
GXY Price at posting:
55.4¢ Sentiment: Buy Disclosure: Held