I think people selling at moment could be the group of...

I think people selling at moment could be the group of shareholders recently participated placement (86.6 m share @1.9c)
and imo., in the $ term, they are not loss any money on the selling, as they have already received 1:1 Dec 2025 option, which is current trading at ~0.6 cent. in other words, if you can manage to sell at 1.5c, plus Dec 25 option you hold, you are still ahead (1.5c+0.6c=2.1c) and this could be their trading strategies, keep option, selling the head, thus in total: reduce the exposure with less $/funds involved in the shares.
For the current shareholders, if you prefer options than head, I think you can do the same, selling shares you have, and put more $ in the entitlement offer by applying more extra shortfall shares... in the $ term, you not losing any money. But by doing this, you will also have tax benefit on selling in a loss.