I think you're answering you're own question.  Who has any incentive to sell shares now, and to who would it not matter so much what the PPS is?

It seems to me you can only come up with one good answer: S&L.  Consider what they (I strongly suspect) are doing:  Selling shares to convert warrants.  Share wise, it's a one-for-one swap.  Money wise, they're only (!) getting a 5000% profit on their investment.  And they are posturing the company, or their investment in the company, to make a great deal more off their held shares/converted warrants.

Who else has such motivation, knowing what we now know (or suspect)?

SGE