Why the bid keeps getting whacked here for months...
All IMO (seen this pattern many times):
Market manipulators (Trading Groups) make the price of stock go down for exactly one reason: they want to be able to buy large amounts of it.
If a market manipulator (Trading Group) starts buying large amounts straight away, their buying will move the stock price higher - that's not a good outcome, as by the time they've bought all the stock they wanted to buy, the price could have gone appreciably higher and the profit they were hoping to make has disappeared before they finished buying. That isn't what they want to happen; they want to buy it as cheaply as possible. Especially the case here with the small Float on EXLA.
To do this, they will often sell some first to try to achieve several different outcomes. Consider this:
If the manipulator sells significant quantities of a stock and the price goes down, then other players will be spooked and will start to sell their stock as well. The manipulator can try to quietly buy back this stock without being noticed, and without pushing the price back up again.
Why?
The manipulator wants to know if there's other unsophisticated stock holders out there who are on the point of selling, who could be convinced to sell if the price starts going down again. Price moves down; those unsophisticated stock owners sell their stock; manipulator gets to buy them without moving the market, and at a cheaper price than if the market had kept moving up. Once the manipulator has consumed all the supply of stock out there, anyone who wants to buy can only buy from the manipulator, who can then start to raise the price.
Patience wins here! Once our "Manipulator" has filled his bag (it's been hard with EXLA to get big buys filled), then we will see the price SPIKE. Happens all the time.
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