IMO they are smarter than we think: What about my (may be dumb) theory that it´s simply a subtle teamwork of company (they can dilute - for what reason ever), bashers (they can short) and MMs (they profit always) ... each of them get its benefit somehow, just we shareholders are their screwed, milked victims ...
There may be a few who also win (flippers, charttraders etc., also those who can buy at these prices) ... but by no means longs (let alone those who bought at 0.10 and higher and held) who believe (abstrusely) since years in the quality of their investment and hold instead of having bailed e. g. one year ago when pps was at 0.09.
But, who would have thought at that time that one year later your value is just 16%??