I'm not sure how much the market believed that stuff about some July 1 catalyst, but if the market was buying it and given it's the 4th and no catalyst has yet emerged, the lack of such news could result in the stock testing the lows and probably going through them.
Also, don't forget, the company sold a big slug of stock at $0.50, stocks very often test those levels (for a couple of reasons - a) that was a value rational and well informed investors thought the company was worth, less a discount, and b) there are always flippers in secondaries, especially huge ones like this, that'll take opportunities to sell for a quick buck when they think the uptrend has stalled or is failing). I think it may have been testing it already (it's never perfect) and possibly basing around here. Difficult to say, but there's probably some more downside risk but not a whole lot and if it continues to base here it might be a nice time to pick up some for a trade.
Of course, fundamentally, I still think it's way overvalued, but new management did add value and some credibility, so things could be changing.
As always, all of the above are my opinions, no facts are asserted.
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