All SEC suspended stocks ARE automatically kicked to the gray market.
And the SEC revokes ALL SEC registrants suspended for delinquent filings.
But not all SEC suspensions are for delinquencies. The example given was not suspended for delinquency, which is why it was not revoked.
NEWC was suspended for delinquent filings, and the revocation process is currently underway. It's registration will be revoked, and its common stock will be worthless.