I purchase 9 dollar calls about 6 months ago thinking the committee would report its recommendation by Chinese New Year. Next key date is earnings report next month. Stock price of JASO is still linked to oil. Stockholders are at the back of the bus.
the Chinese New Year is coming up soon. If there is no announcement on the buy-out bid by then, then things are much in disarray in the Board Room with likely conflict over the company's path. Despite the cheap current valuation and stock-price tied to oil-price, management conflict trumps all else for a near term future.
It's also "personal reasons" until the facts come out. Even serious illness does not lead to sudden resignation. This guy was forced to resign; as to the reasons and whether this will hurt or help the company--we will not learn the former and we will need 6 weeks to assess the effect on the stock price. The immediate effect of a sudden forced resignation is almost always a drop in price as it reflects conflict on the Board.