You ought to read up on bankruptcies, specifically. Usually, the cancellation of common shares is part of the restructuring plan. It's done by the company.
And should be reported by the bankruptcy attorney to FINRA. In this case, that didn't happen.
Many penny stocks go out of business. Very few file bankruptcy petitions, because very few have any assets to protect.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.