If people were issued shares for .001 pre split that's 0.1 post split, those people would be selling as anything above .1 is profit to them. With that said the seller(s) don't want this to go under .1 'cause anything under that would be a loss for them. They will dry out eventually. Don't get me wrong, I'm pissed at the drop, I had a market value of $20k here and it isn't anything near that now. As a student that's a large chunk of money. But I don't blame the current management. Maybe I'm wrong to do so, but for now I believe in them.
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