@@umw and @Vegantacos as you both asked about how consolidation...

@@umw and @Vegantacos as you both asked about how consolidation reduces volatility I looked into it a little further, but it was not as easy as I first thought.

Intuitively it is easier for a stock to increase from 5 cents to 10 cents than from $5 to $50, even though they are both a 10-fold increase.

It is even easier for a stock to increase from 0.5 cents to 1 cent and the potential to make these massive returns in a short space of time is what attracts traders and speculators to low priced stocks.

Large institutional investors that TTB wished to attract, bases their investment strategies on the maximum return for the lowest volatility.

Having said that, you asked for the science behind higher-priced stocks being less volatile than lower-priced stocks, rather than just intuition.

The linked article explains an analysis of US Stocks and the relationship between price and volatility and as you can see from the table below, low priced stocks have more price variation than higher-priced stocks. Even though this is US data and on higher relative stock prices, it does show that higher-priced stocks have less volatility.

My understanding from a similar situation is that US Funds have a 60 cent minimum before they will invest, so a 10:1 consolidation puts TTB within reach of the US Fund managers.