The catalyst here is the company saying they will consider the CEO's offer. If that happens, the stock probably moves to the $1.50-2.00 range.
They don't have hardly any debt and the restatement won't effect cash on hand. It's still a gamble, but the upside is $3 (to $3.75) and the downside is maybe .10-.15 (to 0.50). I'd take that bet every time.