I agree we are vulnerable, I remember previous management (PC and Co.) saying we have to get the stock price up to protect us.  A buyout offer at this market cap (77 million?) is pocket change for some large companies.  Investor fatigue may make some investors jump at a low offer.  Also those "platinum" investors that took part in the recent financing may cash out with a decent premium.  If there is a hostile offer we do have a shareholder rights plan and there could be competing offers to drive up the price.