Note that Patersons Securities isn't stumping up $8.2M...

Note that Patersons Securities isn't stumping up $8.2M themselves; they've raised that amount from their clients. So while it's possible and probable they bought a few shares themselves, it's not one single investor, most likely a dozen or more investors that make up a CR. As such, each investor will have their own investment criteria, which may result in a short or long term hold.

Generally with spec stocks, it's been my observation that these sophisticated clients tend to offload at the first liquidity event. Holding these long term at this point is likely to result badly as the company has no revenue producing assets; just ask those that participated in the previous CR and are still holding how well that went.

This is a trading stock, and will continue to be until they build or acquire a producing asset. You'll get peaks in SP on news, but they're just liquidity events; they don't last and the price usually falls back down. Accept this and you'll be well on your way to understanding (and perhaps profiting from) the spec end of the market.