Thanks Le Penseur, you are correct, I agree I don't think this is over.
I still think the best option is the merge. The frustration is in the fact that KWG shares dropped from their highs. If we think about it, that potentially is what caused the 19 cents to be "superior".
If KWG was trading at 15 cents or possibly higher, then the 1.3 share swap would value SPQ at 19.5 cents. In a sense the higher KWG goes, the better the chance of a merge. IMO anyway.
I would love to see some sort of NR that brings up the KWG price, which would encourage SPQ shareholders to join them.
I am not a fan of divide and conquer.