Let me guess why they would do this. Because newer shareholders, at the low price range, won't care so much (as long as the sale doesn't crash the share price further). And they can add a large percentage of shares (and share holders) at this LOW level, making it such that Mgt has more shareholders (percentage-wise) at a low level, reducing the percentage of share holders at the historic share price level. More folks (a majority ?) who Mgt can line up behind the concept that a few more bucks in share price gain (say to $5, or $10) would be a success........and less folks pushing for making gains OVER and ABOVE the historic high (plus a decent gain for 2+ decades). Mgt trying to keep their jobs, without having to actually be successful ? Cheesy Mgt practice. While they try to pretend to be an "ethical" company.
If this is not the, or a, reason, ......and they have an actual good reason (which for some reason they cannot state publicly)......then apologies for being fooled by observing what is public.