Yeah, I understand what you are saying, except, what if you actually WANTED 6M shares? Do you really think it would be possible to buy 6M shares for under $1.18? Certainly not at this point. Yes, in hindsight, maybe it was, but if you bought 100k shares a day, it would still take you 60 trading days to get all the shares! Where the heck would the share price be at the end of that?

I think it comes down to the individual situation of whoever has them, and obviously I haven't a clue as to their situaiton or motivation.