It's gotta be frustrating for this seller in that he can't seem to dump any considerable volume of his shares at these levels. He probably sees the huge gap on the bid side and realizes if he dumps too hard or too fast, he'll take this to .0011 in a hurry. Add to that a merger that no one cares about. Lol. Poor convertible debt seller!
My post is only my opinion, I recommend you always do your own DD! I am not a licensed broker or a professional by any means, so take what I say as entertainment value at best.