I can't claim to know for certain, but someone isn't just selling. Their orders are being positioned to intentionally drive the price down. I expect the idea is to break the price per share, and they have done a good job of that, and then load up at the cheaper price. This is often done by venture capitalists ahead of closing a financing deal, such as a loan is made for x% interest plus Y number of warrants exercisable at Z. Z id usually pegged to the market at the close of loan. Hence,by cutting the pps in half, the financier receives warrants that readily pop back up into the deep money as soon as they stop selling and they stop when the loan closes.
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