When it was $3 and up the CEO had a confident story about 10000 trucks delivered next year and avoidance of any equity raises. All that has fallen apart. It should probably never have had a market cap over $100M, but now that reality is out there something well under $60M makes sense.
Easy to blame manipulation when you don't like the situation. I would claim manipulation was the only reason it ever traded above $4 but neither of us can prove anything.