On 4/23 NMRX filed a mixed-shelf registration for $30m, presumably stock for an acquisition. Simultaneously, they increased their (undrawn) bank line of credit from $5m to $10m. The press release at the time was cagey and non-committal, with an oblique reference to possible future acqisitions. The S-3 went effective on 5/3 -- so they've had their dry powder for two months now . . .
Well, as it happens, these #'s sort of wrap snugly around the cap structure of ESYS, allowing for a moderate acquisition premium.
Who knows? I admit this sort of speculation is silly.