One more point - compared to the float - the shares for sell by Aruda (even if they decide to sell the entire 10 million block) is not that high if the market had faith - looking at actual trading volume - hardly few days of more than 1/2 million shares - it does not seem that the big seller is doing that kind of selling.
its not the retail investors doing this though. Its a company that bought a lot of shares and is now selling 100 share lots at lower prices to themselves that way they can drive the price down far enough to buy a huge amount of shares.
When there is more selling, the bid is hit more often than the ask and that tends to move the price down. The reverse is also true, more buying tends to hit the ask more and the price moves up. The selling side can move a stock down faster since others watching join in out of fear of holding when they see it moving down.