The case of SPNG's is quite similar to SERG's case.
They were suspended for issuing false PRs, just like srge did.
They went to the Greys-Caveat Emptor status after coming off suspension just like srge did.
Their share price took a big hit when it reopened on the Greys, just like srge did.
They continued to trade on the Greys when their company execs were indicted, just like srge will.
They continued to trade on the Greys when they declared BK, just like srge will.
They continued to trade on the Greys when their company execs were tried, just like srge will.
They continued to trade on the Greys after their company execs were convicted, just like srge will.
They continued to trade on the Greys, mostly under 0.0001, on very low volume, as the last investors are cashed out by their brokers, just like srge will.
I wasn't involved with SPN* but I read a little about it to see what could be expected here. I expect things to move a little faster and be quite a bit worse here.