I think the relative stability of trading, at large volumes, near the SPO price of $21 speaks to a likely bottom for EXM price.
Barring some unforeseen sudden change in global economics/politics, then I would look for a bit longer active trading near the SPO price as shares move from the SPO subscribers to new holders (funds, individuals, etc).
Next week, I would begin expecting a climb in EXM price....
It has held up really well considering the float is doubled. I doubt that SPO holders will sell or flip since the pricing was at 21. I consider 21 huge support now. Assuming SPO holders do not sell, the 50% decrease in sellers should mean more upside. The good mention of the sector on CNBC today and on Cramer's show should bring more interest in the stock.