I am looking at similar stories to compare this to:

FMCI - sell off when target wasn't as expected - went from 3's to low 2's, then 3 days later was at 6
SPAQ - same industry, same rumor leak style (2.00 to 4.00 that day), DA came a few days later (5.00 to 7.50 that day)
DPHC - not the best comparison since I don't think this one was leaked at all, but similar industry.  warrants were 2.40, definitive announced, went to 2.40 to 3.20.  Next day it went over 5.00.

The wild card here is that the rumor came out over weekend and everybody was feverishly doing DD....so, I am not really sure.  I'll probably hold for DA though.