Menino, it is very likely a combination of things. There's been a lack of news, getting on for 3 months. The news that was expected still has not materialized, and the hoped for, pleasantly surprising news is likewise MIA. Then there is the very real probability of a financing. If that happens, it may well be in the .60s. People who have their finger on the pulse of ZEN's workings would know to sell anywhere above .70, and then either buy the pp, rebuy their shares when the share price inevitably dips to that pp price (or lower), or simply lessen their exposure until something positive is announced. And while it's early, tax loss selling looms, and perhaps some people feel it's better to sell some now than try to sell when the selling field is more crowded.

It probably feels awful to think about selling in the .80s or .70s, but if you know the price is going to the .60s or lower, that sale looks not bad.