500k shares being dumped (when the price was 15c) wouldn't explain the drop to 12.5c. It's only really one days' trading and that was already when the price was 14-15c.
However, momentum is hugely important and the volume has been very thin. It may have spurred on a few other sellers who think that something material has changed. No one likes losing 40% in the space of a couple of months and it can cause people to trade irrationally and dump shares even at this level.
Ann: Change in substantial holding, page-7
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