It is unlikely that OCLR will find another buyer unless there is substantial upside to to the merged company. It is also unlikely that OCLR will sell out for $18 - 22 as this is vastly under what the company will be valued at once all the operational problems are fixed. Given what has occured here, I wouldn't be surprised if earnings come in below expectations. Expect volatility, but there is alot of value in this franchise. I would stay the course.
I think they are going to miss the quarter. I don't see how they could make it, actually. The last report on the backorder situation was it was still at $5m meaning no progress there. Management was replaced and I believe goodspeed and the CFO were competent and dedicated. They had a hiring freeze because of the impending merger and I bet some good staff jumped ship since SSF was going to close (I think this was the plan - at least for sales).
Even if they do miss the quarter do you think it will effect the stock price? It's not like there is a growth premium or anything in the price. I no longer have the optimism to sell puts or the pessimism to sell covered calls. I think the stock is going nowhere as the weak holders bail out and are replaced by a new crop of investors waiting for the upturn that IMO is inevitably coming. OCLR will be back in the 20s but I doubt it will be this year.