Let's discuss the gray market.
Every single stock in the world that doesn't trade on a US Exchange or has a 15c2-11 trades on the Gray Market. Every...single...one. That is thousands of companies.
The percentage of gray market stocks that are there because of an SEC suspension terminating their 15c2-11 eligibility is a very, very, VERY small percentage of all gray market securities. And for those, it is a death sentence. Because unlike those foreign securities that trade on one or more actual stock exchanges outside the US, the SEC suspended stock never has a bid or offer anywhere. Never has an organized market, anywhere. And has little interest from investors post-suspension.