"Can anyone offer an explanation where it makes sense to do this if they did indeed expect the share price to go back up to $10 in the near future due to the release of good news?"

If they expected anywhere close to that, there is no explanation. Obviously it was not a mistake to wait. We need a CEO who isn't misleading and a CFO who is respected and competent. SV for CTO and TMs gotta go. Gotta get off this hamster wheel.