Perhaps you've confused "SEC Revocation" with "trading on the greys?" They're very different things. Perhaps this link will help explain the difference: http://www.sec.gov/answers/dfnctco.htm The SEC may revoke the registration of stocks. In some circumstances, the SEC may revoke the registration of a defunct company's stock. Section 12(j) of the Exchange Act authorizes the SEC to revoke the registration of a security if the issuer fails to comply with the federal securities laws. Broker-dealers may not execute any trades in stocks whose registration has been revoked pursuant to Section 12(j). See? The red part explains the difference between "Revocation" and "trading on the greys." Once a stock has its SEC registration revoked, as SMKY did, it no longer trades ANYWHERE. Anyone holding shares loses EVERYTHING.