Look at a chart and the volume, pay attention to late December 2011. A technical break down at $.60 and $.50 could have caused a trigger for someone to sell. The assumption that it's always "dilution" may not always be the case.
Consider for a moment that a good percentage of volume are day traders as well, so you end up with the same shares keeping the price under resistance. Not everyone that buys stock is a long investor and removes liquidity.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.