I think a combination of IPO investors selling at a +400%...

I think a combination of IPO investors selling at a +400% profit, day 1 on-market buyers selling at a pretty healthy profit, and the reasonable concern that the company's current share price is based on hope, not today's reality. If you view the IPO price as what the company itself thinks it is worth, then the current price is exaggerated, given that revenue was $1 million last year, its present valuation is around $100 million, and there has been no news.

Don't get me wrong, I bought in at $1 with a 1-2 year view and a belief in what the company has already achieved, its excellent products and what I think is a healthy future. But I have nothing to base that on other than optimism and research into the market it operates in.