Penny traders believe that Market Makers (MM) will "signal" moves in advance buy using small amounts of buys or sells as "signals".
The "signals" are such a small amount of shares (worth no more than 5 or 10 dollars) that no trader would have paid a commission that costs more than the amount of shares bought.
The "signals" are from one MM to another.
100 - I need shares. 200 - I need shares badly, but do not take the stock down. 300 - Take the price down so I can load shares 400 - Keep trading it sideways. 500 - Gap the stock. This gap can be either up or down, depending on the direction of the 500 signal. 911 - Pending News
Understanding the Form T-Trade:
If a market maker wants to accumulate a large amount of a stock in one trading day, that market maker may actually not report any of the trades that occurred until the trading day has ended so as not to alert the market to the collection.
You posted as if this was a "new merger" did you not? Did you miss the part where this was released a LONG time ago? Notice the same first-year goals and the date they were broadcast:
Adaptive Medias Reports Fourth Quarter and Fiscal Year 2015 Results April 14, 2016 / Adaptive Media Merger with AdSupply on Track to Close in Q216; Companies’ Q415 Consolidated Results Support First-Year Goal of $2.5 Million in Earnings on Over $30 Million in Revenues