I don’t think this started as a pump and dump. I think the initial volume some weeks ago is what got people’s interest.
Here is information IMO (can’t call them facts on this forum):
First: Zecco / Penson will not allow MMTS trade amounts (number of shares) greater than 10% of the average volume of the preceding 20 days. This was based on an illiquid security rule / regulation / whatever.
Second: Someone with a Zecco account opened another account at another broker, with intentions of transferring MMTS stock to the new broker. Unfortunately, while the new broker does not apply the illiquid rule as far as number of trades, the new broker will not allow penny stocks to be transferred in.
Third: Someone then decided to move the shares a few at a time by selling in batches from Zecco, and buying in large amounts at the new broker. This was quite expensive in terms of commissions (much more so on the Zecco side LOL). However, that was still preferable to holding shares that could never be sold otherwise.
Fourth: This plan failed because after awhile, other people got involved in buying and selling. I guess they thought something of note was happening. I say failed because someone ended up selling all shares (as opposed to transferring), because the bid kept moving up, and based on history, someone felt this opportunity might not appear again for a long time, if ever.
Fifth: It wasn’t until a day or so later that posters appeared on the MMTS board with encouraging comments about the stock (some folks are unkind enough to say pump and dump).
