What we just witnessed was a designed flash crash. I saw that ask was WAY below bid for like a full minute, it was just rapid fire sale as many shares as possible probably aided by algorithm-bots. Designed to take out the weak hands and the stop losses.
The goal here is to make sure a momentum does not form in this stock. What they are trying to do is to stop any upside trend. If this stock traded normally, then it would have zoomed up past 10-11 next week and they wouldn't have chance to cover cheaply. So they gotta make sure the trend to the upside is not established.