Well, tis the season for speculation. I do not really advise on speculation.
However, when I read some of the exercise regarding DNEX, there are some obvious reasons which somehow things may happen given the volatility.
Purchase price and manner the payment is made to the 60% of owners of Ping Petroleum. DNEX is buying Ping and one portion is paid by cash, another via shares.
Well, I still use the word "could" as anything can happen. Shares can crash. DNEX may find other ways to raise more cash. Ping Petroleum's exercise may not go through. Silterra's deal may not happen. For example.