If the constituent stocks are halted, the inherent value is unknowable. Additionally, there are limits to arbitrage such as capital/loss limits and counterparty

If the constituent stocks are halted, the inherent value is unknowable. Additionally, there are limits to arbitrage such as capital/loss limits and counterparty risk. Also most high-frequency traders are market-makers or unofficially acting in that role. ISO orders are used by all executing brokers trying to sweep the best price, it's equally likely that the low sells were by funds executing stop loss orders through a brokerage or bank or wholesale market makers offsetting inventory at a loss after providing liquidity to retail stops.