My experience is that this particular issue usually trades with bid/asks covering a wide range at light volume.
Why is that? One possible explanation is that such a large volume is held by a very few people who are just not interested in trading at any price so their shares are essentially "in the vault".
A great number of the participants of this forum would seem to fit in a similar category in that while they may not hold millions of shares, those they do hold are simply not for sale at the moment.
In my view the current price is no real reflection of the actual value of the company due to the continuing small volumes. It just isn't a "day trader's" dream I guess and that works for me because I am not one to flip in and out.
Onward and Upward.