Not really following the share - But what happens with allot of these small-caps is people losing interest between results. So they run in about 6 month cycles with smallish spikes on cautionary announcements (depending on how exiting) and (when interest returns to the stock) then larger spikes on Trading updates if positive or more downside if negative. Not set in stone, but might be the case if there is not something else wrong with the company.
Punters who thought they were going to be bought-out are bailing into a low liquidity stock. Largely irrelevant price move, imo, as ops are streaming and ahead and trading update likely out in a month or two's time.