If shareholders are afraid, they're not scared enough to dump and run....which is the usual reaction to fear.  If things were really bad why aren't shareholders running for the exits and taking what they can get?

Waiting on the sidelines is a perfectly legitimate decision obviously....but if things are resolved in a favourable fashion, or if a big announcement is made of some description that brings buyers storming in, then shares trading around $2 could be hard and maybe impossible to find.