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MM = Market Maker. Basically is a specialist that liquidates and trades stocks for their clients.

Most MMs are phantoms in penny stocks, because whoever owns the most shares can control and manipulate prices easily. Thus we consider them the "MM" of penny stocks. Except they don't have a series 6-7 nor any kind of licenses. (Day trader with a lot of $$$)

Almost all of penny stock's transactions are done through the ECN or any kind of computerized network.

Market makers don't even bother to look at penny stocks. It takes about a decent 2 years for up trending companies to get sponsored by an institution thus specialized by certain market maker.