Yeah, I've been saying this since it took off, i.e. it would be unusual (though not impossible) for what is essentially a shell, to rise much above an EV value of $10M. It's a tradeoff between executing on what would normally be a sound strategy versus holding-on until momentum leaves the stock, which clearly hasn't happened. I saw other opportunities that I thought had better risk/reward at thus stage but it does look like going higher and a trailing stop loss will help ensure you don't get done over by a sudden dump.