I suspect it is because lots of people bought 2,000 share lots...

I suspect it is because lots of people bought 2,000 share lots in anticipation of it being like UTO - and are now disappointed that they dont get a priority right - so are just dumping the stock. They will still have the right to obtain FREE shares after listing as I believe the company intends to do a pro-rata distribution - but many day traders do not like investing for more than a week - will be their loss.