"also said he'd understand if someone felt the need to liquidate his position (this could also allude to those participating in the funding rounds, who need to sell their current positions to participate)."

Yes, that makes sense. Volume is over a million again for the last two days, and today was a short day. It looks to me like another TO is in progress and we'll probably see the PR next week. And with so many potential buyers being on vacation due to Thanksgiving, we were probably lucky the heavy selling didn't drop the price more than it did. Hopefully it will bounce back some on Monday when the buyers return from vacation.