Actually, PHGI is a qualified "solicited" PinkSheet stock, so the MMs are free to quote as they please.
Because PHGI was created through a RM with an already qualified Pinksheet company, PHGI was "piggyback qualified" without the need of filing the Form 211 disclosure and obtaining a MM sponsor.
"You can't be a real country unless you have a beer and an airline - it helps if you have some kind of a football team, or some nuclear weapons, but at the very least you need a beer". F Zappa