out of the 400mil, 400mil have been sold to MM. that doesn't mean that all of those shares have hit the market yet.
approx 103mil have hit the market in the past 2 days. meaning that 297mil more will hit the market. which will drive the pps down to what ever the MM purchased the shares for. i.e. if the MM bought the shares at .0003, he will do everything he can to sell them above .0003. If he purchased them at .0001 he will do everything he can to get profi, so he will sell them as high as he can, but still be happy just by getting rid of them with a decent profit.
23mil left means that the company only has 23mil in shares that bondholders can sell (after this 400mil hits the market). which in a float of 1.6bill isn't a lot at all.
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