The prior management had funds that invested. Now CEO gone, now funds gone too. They don't care what they get per share - they just want out. Sometimes there is a delay between management change and their fund associates leaving. Maybe tax loss a factor - maybe not. Maybe offshore stuff happening - maybe not.
Doesn't matter to us retail shareholders. Maybe matter to someone else. If there were more of us we could buy up the stock and take it up to the value we think is right. As it is, they take down to the level they think is right. Price in the market set by belief and cash. New management needs to find new funds that believe in PFC. Then the price will rise - usually suddenly.
Or maybe my friend right, he said price is down because penguins facing South in Antarctica at this time - when they turn to face North in 2 weeks, price goes up. Happens all the time.