"any further clarification what that 1000 share order at $.0402 was? "
I don't think you are looking at that order correctly.
it was a much larger order. What they did was put in a market order, and started down the line. they hit the bid, but only took minimums. Since the MMs were only showing minimal size, and not their whole order (as we know, on an order at .074 held by someone here on the board) they filled the minimum and then, before it reloaded, they hit the next one. Look at the fast succession of trades. it may have only had 1,000 shares LEFT by time it hit .0402, but it got there by legally filling all the shown and listed orders on the bid side on the way down.
And that bodes POOR for all of us, as they can claim it DID trade there, and that WILL affect the conversion prices if used.
It's basically an overwhelming market sell order. I have seen it many times on many stocks, and even been the beneficiary of it a few times, by being the buyer at the low price like the .0402 here. (No, I was not the buyer today. Just saying that price as the illustration) I bought a stock at .02 when it was trading at .04 just 30 seconds before and also 30 seconds afterwards. But it dipped, I had an old order in I just hadn't taken out, and I got lucky. As I said, I've actually had it happen more than once over the years. It has to do with MMs not showing their full hand, but only showing 10K in shares or some low number like that. They don't always do it, but many times they do. That meant the seller only had to legally fill the bid for 10K, and then could "instantaneously" go to the next bid, since that bid was filled and he legally had a market order to sell more shares. Granted, the first MM bid then reposted maybe at the same level or maybe minutely lower, but by then the trade at lower price already took place.
Is it terrible? yes. Did it mean it skipped over people who had orders in higher? yes, it does. Was it someone selling at the market to TRY to get it to do that?? Very well maybe! ("One of the note holders probably saw a thin bid and paid a friend to wipe out support and stamp a low price so they can convert for cheap?" Yep. Bingo) If not, the seller has a complaint with his brokerage, although he probably won't win being a market order. But IF IF IF it was done purposely to drop the price, that is legal. Manipulation? yes. illegal manipulation? No. We hate that answer, but that is not illegal. Anyone can sell at a market order if they wish, regardless of having other options, warrants or abilities to buy at lower prices, so no, it is not illegal. Will it stand as the lowest printed price of the day? Very probably.
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