"... think the selling is likely just note conversions. They get shares at a discount when they convert. Easy to sell and still make a profit even while lowering the pps. "

Yes, and this may also account for all, or most all of the large after hours postings, often below the closing price, or average price on the day.

As I suggested earlier, these do not reflect market value, because the market is distorted by this sort of thing.  If so, it aids buyers, but only so long as the share price improves from positive fundamental influences at some point.