.....As I said in my other post ...Most brokers didn't transfer the old shares over yet, so a lot of people cant trade them until tomorrow.
If A lot of people want to get out of this tomorrow before it looses even more value, they will sell at the Bid, right off the bat. If enough people do that the highest bid will be taken out and it will go to the next lowest... in which case, if more kept selling at the bid.. it would continue to drop.
It wasn't really official last week. The company didn't formally announce it till today. Many people never got the letter addressed to the shareholders.