The annual meeting is set for next Tuesday, and the $4 deal for 7.5M shares has to be approved by current shareholders. My take is that the market is waiting to see if the deal goes through. That said, it's possible that the share price could rise slowly as we get closer to the AM if approval of the deal appears likely. Remember that Steel has also gotten approval to buy 1.4M MLNK shares on the open market. I'm guessing that they won't do that until they find out if shareholders have okayed the deal, so that would imply buying pressure on the share price after the AM (provided the deal is passed).
These are just guesses on my part, but if I'm right, the share price should be higher in the next 2 weeks.