RE: Seems Likelongrun hit the nail on the head.
i think the drop from 2.75 area was mainly caused by brokers taking 50- 100,000 shares and not placing them with their clients. instead they planned to game the entire amount (through a family members account) or to use it to entice in a big client to open an account with them(open an account with me and i will give u these shares at 2.75 and they are now worth $3). when the share price didn't hold up over the last few days it forced the trading desks at their firms to sell at the market(cos u can't place a new issue with any client after the sp has dropped unless they agreed to take part in the pp). this selling, even if it was only 10-15% of brokers doing this would have caused a cascade effect triggering stop losses on the way down and exasperating the situation with the falling sp.
i think that this will have worked through the market by monday or tuesday next week and the sp will be over/around the new issue price by middle of next week.