Here’s the basic categories that sub-penny’s (A.K.A. triple-subs) fall under:
1. Zombie/illiquid state (AS small or large, but hardly any trading for weeks on end)
2. POS state, A.K.A. chit show (Billions of AS, illiquid or not)
3. Empty shell state (i.e., no CEO, no building, no nothing)
4. Dark state (i.e., they don’t have to file on otc markets; usually Grey Sheets, not Pink)
5. Liquid (less than say 5 billion AS, and has heavy trading days, like 250 mm to 500+ mm)
6. Q state, A.K.A. in bankruptcy/court
The most common is on the top of the list down to the least common category state of affairs, as best as a I can judge. Position takers, A.K.A. gamblers, make or lose a killing in the category 5 – that’s where the real money is made. The other categories are pretty much insane to take a position, unless you can short which has its own risks for sure. Categories 1 & 2 are the worst, and if you want to be a bag holder, go for it. Category 3 has its risks, but sometimes they fly and fly big especially on valid Merger news/buyouts. And category 4 is seriously risky as they are none-reporting, but at times they can fly. And of course the infamous category 6, very, very risky for the commons, but sometimes pays off.