no doubt; the reason still hovering around 5.5-6 is
1- most retail can't trade yet
2- people want to make sure the offer is legit and by a legit company.
3-the low ball pps of only $7.50
the offering company is big with $15 billion in assets and they've already hired a law firm and a brokerage firm for the sole purpose of this offer. if this is not legit then I don't know what is.
the only thing that seems fishy to me is the low ball pps of only $7.50 which most likely will be refused. may be that is why the pps has not gone as high as expected.
smart money will be buying may be tomorrow but definitely beginning Thursday. Price target $3-4 within next 2 weeks and $4-5 within 4-6 weeks.