"...that the float is too low which is why there is little or no volume?"

I believe so. The lower the public float, the lower the volume.

As long as the volume is as low as it's been, there will be few bidders.

And with a public float of just 2 million shares, institutional investors would stay away, since they would not be able to obtain a sizable position, without driving the price up. And vice versa, later on they would not be able liquidate an "institution" sized position without driving the price down.