It seems to me that the deal is still not closed yet contrary to your opinion. That is probably the reason why the stock has taken a plunder late last year. It was almost unimaginable that the deal could have been closed without additional funding external to the company at that time.
However, I do applaud management's decision to drag this out for two more quarters to allow cash inflow to pay off the deal without diluting shares. Depending on how well the company performed for a couple quarters after the acquistion, I would not be surprised to see the stock go above $3 again. The short term decision by management has cast doubts on the investors, but it is better than diluting them.
It is good to find an undervalued stock to invest once in a while. Good luck to all longs.