No mkt maker will have an overt aim of holding it aorund $0.40 -...

No mkt maker will have an overt aim of holding it aorund $0.40 - though a constantly ranging stock areound a pivot price makes risk management far easier. Its a stock to make money in for a market maker, like any other - not without risks. It can swing 4% on a couple of trades, and if it does that all day around a pivot price, it all adds up to nice moolah. With an electronic algorithm, providing it well calibrated to keep position risk to a minimum, mkt makers can make the spread on thinner stocks across hundreds and thousands of stocks. OCC will just have been added to a very long list of stocks, probably even more of a candidate because it has shown a mean reversion to $0.40 for years.

I've worked for companies that had stock only mkt market making across tens of thousands of stocks globally, but that tended to be coupled with index risk arbitrage on larger stocks. There will be specialists that focus on micro/small cap stocks - rich pickings if you can manage the one way position risk dilligently and OCC hasn't historically presented much of a problem there, alas for long-term holders!