There are probably plenty of small investors that own at $0.03-$0.2 so two to ten-bagger - even if only hundreds or thousands of dollars sell and move on much like Pual or whatever his name was.
As it pertains to your comments about sellers - you should note that there are over 1100 shareholders - given the float is apparently only about 3.3 ml that's a ton of small shareholders that probably just keep reloading, if they even remember they hold this stock. Many of these must be from the way early days before this management team took the company over and got that scumbag Matin thrown in jail. So I would suspect the buyer is smart to just sit there and continue to scare these sellers in to coming to him/her. It is a great tactic. There is a flurry of activity and suddenly they get a trade way down which brings a seller back to them at their 32 cents.
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