Here is a response I received from Etrade when dealing with a pending order I had with a penny stock. I found it interesting. Take it for what it's worth.
"Thank you for your message regarding the execution of orders on EMWW, a security traded over the counter.
When trading a security that trades over the counter (OTC), on the Pink Sheets, or is a Penny Stock such as EMWW, there is significant risk that the order may not be executed.
This can even occur when the security trades at or below your limit price. The OTC and other markets are unregulated, and market makers are not required to execute orders even if it is the best price currently available. Because of this fractured market, investors may have to place several orders before receiving an execution.
Your order was submitted to market makers dealing in this security. Whether the order it executed or not is then up to those market makers."
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