You are wrong. Any brokerage firm registered with the SEC can make markets in any stock they wish. No approval from the company is required or necessary.
A firm would use another firm to "hide" their intensions. In this case, nvestors would be less likely to show bids knowing that Maxim, who represents many ratchet warrant sellers is offering stock knowing the lage amount of ratchet warrants they control. These things happen often.
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