One reason could be the spread the market makers h

One reason could be the spread the market makers have on the stock. When bids are thin, they may have only a certain amount of shares to sell so the bid drops down to where buyers are. Actually, this is quite common and sometimes it doesn't take a whole lot of shares to drive the price lower until buyers show up. The market maker may hold some for inventory but on a $1 stock, the profit percentages are obscured.