Yours is a reasonable explanation. I just dunno. But why wouldn't retail holders like that have sold during the past few days for .70? This smells like a sale of shares for which there was no cost basis---deal shares.
WOW.... Was I right on the close today or what? Hmmm, guess it's only 3:47 not 4:47 and IGXT may close even higher than .58 today - wouldn't think so, but
Looking at the volume this isn't a "run for the hills" drop or dilution drop! We will probably close at .58 today and move sideways a week or two before going back up again!