I would suggest that the sellers are some investors who were hoping for a SP pop to sell on when the PFS came out. When that pop did not happen, they joined the sellers anyway.

As for the market being wrong... I recognize that the market is not so much wrong as it is just greatly risk adverse. Most investor have lost money over the past 2 years and are looking for lower risk investments, preferably with a fast ROI. TDC is anything but a fast ROI. It is a long term, relatively high-risk venture. Its low SP makes it extra risky as any capital raised through dilution will be highly dilutive. DW is right to be mum about details goring forward; however, that mumness is viewed as adding to risk.