No, it was the tie-in to the REAL Netco that did it...
...combined with long-time Telatinos/NTCV market makers and their desire to recoup some of the $$ they undoubedly lost buying up all those recently converted shares.
Can't say I blame them. I guess it's not always fun and profit when you're an MM.
No, if the shares were cancelled, there wouldn't be the 100,000,000 or so out there that are being dumped. After all, there were only 383,000 post-split shares.