The run up makes sense.  In fact, I am surprised it took that long. 

Not everyone can buy into the deal...for example, Quebec residents & USA citizens (I think) could not buy in.  And the warrant bid at 2.2 is indicating a fair value of $4.25 for the shares.  

Plus, there has been a big washout of sellers from $4.79(peak) to $3.2 (low).  Any loose hands are gone.

By my logic, this run up should have happened earlier.  The fact that it is almost when the deal is about to close (any day now I hope) means the market is finally technically "cleared up".