There will be those who leveraged to load up on shares when the big news seemed imminent, and I'll bet some of them may have extended themselves too far. This is the concequence of a risky tactic and a longer than anticipated "quiet period". Whether that is the reason behind a bargain basement SP...who knows.

As far as missing deadlines is concerned...the definition of "deadline" and "milestone" has in all likelihood been redifined to suit potential partners. By the same token, a working prototype is probably (more accurately) custom prototypes again based on potential customer specifications.

If you're the management team, wouldn't you want a deal before you try and meet NASDAQ requirements? You'd have a better chance of holding an increased SP after a contract is signed and announced.

I think there is more than one ball in the air.