They have granted a lot of options late last week.....
Options granting. The company granted approximately 2.4 million options last thursday to management and directors at ~$3.90 cents so there could have been a bit of a delayed reaction to the dilution of the total diluted share base.
With respect to selling of shares. Most all of the transactions were options that were about to expiry and the owners had to exercise them and buy the shares. However they usually opt to turn around and sell the shares because they want the money (the company management has waited a long time to get any value from options granted as part of their compensation) and also they do not want to spend the money to purchase shares at the strike price. This is indeed reasonable.