For many reasons. Here are the best ones;
On May 11, 2011 (the “May Closing”), the Company completed an underwritten public offering of 1,517,978 units at a
price of US$2.88 per unit.
On August 4, 2011 (the “First August Closing”), the Company completed a private placement of 200,000 ordinary shares
at a price of US$2.50 per ordinary share.
On August 16, 2011 (the “Second August Closing”), the Company completed a private placement of 5,900,000 units at a price of US$2.50 per unit.
So in 2011 we have a total of 7.2 Million New shares added to the float where on any given day the volume can be a hundred shares or a thousand or a couple a thousand or none at all. In other words millions and millions of new shares floating out there and at best a buyer willing to buy a couple of thousand at worse no buyers at all and even worse sellers looking to sell 7.2 million shares to a few stingy buyers.