Someone dumped 40K shares at the close. Maybe a short term trader that thought we topped out with no further movement today. Probably thought they could get support at the close with many buy orders open, but either the orders were pulled or not there and the stock dropped. Wouldn't be surprised if we open back over $1.70 tomorrow.
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Disclaimer: Of course, all of this is my opinion and you should not make any investment decisions based on my opinion. I have not received any non-public information.