Probably not, I mean there is very little down side risk buying early IMO. Especially if they promo, as long as you play it smart, being in a stock before a decent promo kicks off is prob the absolute easiest way to make $$$'s on the OTC.....and that's one of the reasons why buying these can be so lucrative.....very often they promo.
Obviously, your biggest risk is getting stuck due to lack of liquidity. Sometimes the first shares will appear and you'll think the tickers are getting ready to move and it's a fake out(ie TGRP), it's just some random shareholder selling a few shares, but not necessarily a true IPO per se.
This is the kind of risk I don't necessarily mind though. It's not the same level of risk as, lets say, buying a ticker that's getting pumped late. Buying any kind of pumped ticker late, whether it be a iHub pump, promo, etc, is by far the fastest way to lose money. Buying a thinly traded new issue, generally only ties your $$$'s up, assuming that you bought at a good price that is, and it wasn't way overvalued.
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