No I don't know.
My best guess is people can't sell for enough to cover cost of commissions, and some have such huge losses, they see no reason to sell so cheap, and the shorts may still be buying to cover old shorts, thus the price never really gets sub penny. I have seen it before with high tech stocks, and bank stock bankruptcies. I think even GM failed to go sub penny even after the old shares were known to be worthless. The ethanol stocks that went belly up in 2009 did the same thing. Held at about .02 for no good reason, even after all the assets were picked over and gone.
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