If you go back to the financials of 2019 and 2020, I forget which, but the company was paying for incurred expenses with shares. Generally, venders that took shares for services of products, are mostly looking to exchange shares for cash regardless of the current price.
I don't think this can account for everything, but when I first came into AREC's universe (2018) there were something like 110,000 shares in the public float. Since that time a number of financings were done, I believe almost all were at higher levels than we're currently trading.
We shall see.
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