Am I being to cynical or are we being purposely held down in the grays.
I would vote for the cynical part. ;)
Who would be holding this stock down? I can't hold it down - can you? Some evil MM? There aren't any involved in Grey stocks. Some evil enity participating in the SRO trying to do what? Scalp fractional pennies off of the fractional penny Ask-Bid spread? There is no Ask-Bid spread. And they would starve even if one existed trying to, given the volume. The only incentive left for those handling the trades are a cut of the commissions.
Repeat after me: There is no manipulation occurring be it up or down.
You have random Asks and Bids groping around in the dark trying to find each other. You want volume. Stagger out in time a series of some small market bids or asks. You'll see volume on the wildcard matches.