There are a number of motivations:
Many Insto's are mandated not to deal in stock below x price.
Very difficult to do a cap raise at $0.01
Quoting on , eg. ASX limited to 0.00x so the smallest possible change in price would be 10% of a stock valued at 1c.. so the larger the stock price, the better changes in value can be reflected (see KIK's chart and make sense out of that!)
some brokers i think incorporate qty of shares in their brokerage?
Also the fact that nobody wants to be a penny dreadful, as PGA has unfortunately become.
brokers getting sore fingers.. and so on..
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no thoughts on pga?, page-14
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