I can't speak for all brokers but Scottrade does not allow your limit order to deviate too far away from the current price. EVXA right now is $0.004, placing a limit order to sell at $0.04 is not possible, for it is far too large of a spread. I'd imagine this is similar for most retail brokers through out. The scenario you mentioned should work fine though, as far I know.
To top it off, you're also at the mercy of the MMs as to whether or not your order is filled and at what price. Dumping shares can sometimes take a while, even on a heavy volume day.
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