It is a fairly unknown company. The upside is speculative upside, that will move from speculation to actualized upside. Much like when apple first launched the ipod and iphone....the upside was there but execution needed to prove success. You could have bought apple under $100 prior to the launch of these devices, now look.
The price before reflected lingering scent of earlier financial troubles. Barring a double dip, those troubles are behind them. The company is fairly valued at these levels even if their new product goes nowhere and that doesn't seem likely.
Could the price spike lower? Sure, it's a low float company. There are no doubt still some speculative positions to unwind but it is unlikely to stay much below 0.30 unless the new product goes nowhere and even then only if they continued to spend heavily to promote it.
Even modest success will boost the share price from where it is now. Mid to long term the risk/reward on this looks quite attractive.