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false);(function(){ const mantleDependencies = { csAutoRefreshMobileAdhesive: 'true' } ; const pageTargeting = { customSeries: 'INV_FA_Targeting,INV_Mid_Brokertable' ,abtest: 'lcid1' ,tax0: 'inv' ,custom: '' ,rpv: 63 ,pagetitle: 'What Are Penny Stocks?' ,rid: 'nc93a23944a404000a71912f04ee3326215' ,url: '/terms/p/pennystock.asp' ,sid: 'nc93a23944a404000a71912f04ee3326215' ,microtags: 'Penny stock,Penny,U.S. Securities and Exchange Commission,OTC Bulletin Board,OTC Markets Group' } ; const baseSlotTargeting = { gtemplate: 'term' ,leaid: '1101478' ,revenueGroup: 'FINANCIALSERVICES' ,docId: '4191440' ,viewtype: '' ,type: 'term' ,tax1: 'inv_trading' ,tax2: 'inv_stock-trading' ,t: '125' ,au: '213307' ,tier: 'H' ,jny: '0' ,leuid: '173392784786204' ,sbj: 'pidnull' ,id: '4191440' ,aid: '' ,tax3: 'inv_penny-stock-trading' ,jnyroot: '' } ; const adLazyOffset = {'mob-square-fixed-intro-1': 750}; pageTargeting.mtax = ['24259']; pageTargeting.w = Mntl.utilities.getW(); const initialSlots = []; 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Relating To the Penny Stock Market</a>.&#34;", "Electronic Code of Federal Regulations. &#34;<a href="https://www.ecfr.gov/cgi-bin/text-idx?SID&#61;f79fc06b4fb9060028bc88cb1c849531&amp;mc&#61;true&amp;node&#61;se17.4.240_115g_63&amp;rgn&#61;div8" class="pseudoStyle" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">§240.15g-3 Broker or Dealer Disclosure of Quotations and Other Information Relating To the Penny Stock Market</a>.&#34;", "Electronic Code of Federal Regulations. &#34;<a href="https://www.ecfr.gov/cgi-bin/text-idx?SID&#61;f79fc06b4fb9060028bc88cb1c849531&amp;mc&#61;true&amp;node&#61;se17.4.240_115g_64&amp;rgn&#61;div8" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">§240.15g-4 Disclosure of Compensation To Brokers or Dealers</a>.&#34;", "Electronic Code of Federal Regulations. &#34;<a href="https://www.ecfr.gov/cgi-bin/text-idx?SID&#61;f79fc06b4fb9060028bc88cb1c849531&amp;mc&#61;true&amp;node&#61;se17.4.240_115g_66&amp;rgn&#61;div8" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">§240.15g-6 Account Statements for Penny Stock Customers</a>.&#34;", "U.S. Securities and Exchange Commission. &#34;<a href="https://www.sec.gov/smallbusiness/goingpublic/exchangeactreporting" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Exchange Act Reporting and Registration</a>.&#34;", "Yahoo Finance. &#34;<a href="https://finance.yahoo.com/quote/cprx?ltr&#61;1" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Catalyst Pharmaceuticals, Inc</a>.&#34;", "Fidelity Investments. &#34;<a href="https://www.fidelity.com/viewpoints/active-investor/trading-penny-stocks" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1" rel="nofollow sponsored">Investing in Penny Stocks</a>.&#34;" ] ,"mainEntityOfPage": { "@type": ["WebPage"] ,"@id": "https://www.investopedia.com/terms/p/pennystock.asp" ,"breadcrumb": { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@id": "https://www.investopedia.com/stock-trading-4689660", "name": "Stock Trading" } } , { "@type": "ListItem", "position": 2, "item": { "@id": "https://www.investopedia.com/penny-stock-trading-4689659", "name": "Penny Stock Trading" } } ] },"reviewedBy": [ {"@type": "Person" ,"name": "Akhilesh Ganti" ,"url": "https://www.investopedia.com/akhilesh-ganti-4590113" } , {"@type": "Person" ,"name": "Patrice Williams" ,"url": "https://www.investopedia.com/patrice-williams-5205298" } ] ,"lastReviewed": "2024-05-17T13:52:58.635-04:00"} , "about": [ { "@type": "FAQPage", "mainEntity": [ { "@type": "Question", "name": "Where Do You Buy Penny Stocks?", "acceptedAnswer": { "@type": "Answer", "text": "<p>Penny stocks are traded on the OTC Bulletin Board (OTCBB) or the OTC Markets Group. They are also available to trade through a brokerage account, such as Fidelity or Charles Schwab.<\/p>" } } , { "@type": "Question", "name": "How Do You Buy Penny Stocks on Fidelity?", "acceptedAnswer": { "@type": "Answer", "text": "<p>You can buy penny stocks on Fidelity by searching for companies that trade for less than $5 per share. Note that those trading penny stocks must first submit a form acknowledging that they understand the risks of penny stock trading.<span class=\"ql-inline-citation\" data-cite=\"11\"><\/span><\/p>" } } , { "@type": "Question", "name": "How Do You Find Penny Stocks on Robinhood?", "acceptedAnswer": { "@type": "Answer", "text": "<p>You can <a href=\"https://www.investopedia.com/articles/investing/092214/how-pick-winning-penny-stocks.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">find penny stocks<\/a> on Robinhood using the search function, and setting a filter for only those companies trading for less than $5 per share. Note that since Robinhood does not charge commissions, penny stock trades can be potentially more profitable than a commission-based broker.<\/p>" } } ] } ] } ]</script> </head><body>  <svg class="mntl-svg-resource is-hidden"> <defs> <symbol id="icon-alert"> <svg width="30" height="29" fill="none" xmlns="http://www.w3.org/2000/svg"><path d="M13.2522 4.38081C14.077 2.92054 16.1389 2.92054 16.9637 4.38081L26.7065 21.6302C27.5313 23.0905 26.5003 24.9158 24.8507 24.9158H5.36517C3.7156 24.9158 2.68462 23.0905 3.5094 21.6302L13.2522 4.38081Z" fill="#fff"/><path fill-rule="evenodd" clip-rule="evenodd" d="M19.6063 2.76459L29.2795 20.1815C31.3267 23.8676 28.7677 28.4753 24.6732 28.4753H5.32681C1.23233 28.4753 -1.32671 23.8676 0.720529 20.1815L10.3937 2.76459C12.441 -0.921533 17.559 -0.921526 19.6063 2.76459ZM16.8425 4.42334C16.0236 2.94889 13.9764 2.94889 13.1575 4.42334L3.4843 21.8402C2.6654 23.3147 3.68902 25.1577 5.32681 25.1577H24.6732C26.311 25.1577 27.3346 23.3147 26.5157 21.8402L16.8425 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data-rail-bp="mntl-bp-md" data-tracking-container="true"><div class="loc article-left-rail"><div id="sticky-toc-wrapper_1-0" class="comp sticky-toc-wrapper mntl-block js-sticky-container"><div id="sticky-toc_1-0" class="comp sticky-toc mntl-sticky-toc mntl-block sticky-toc-widget" data-desktop-bp="70em"><div id="toc-wrapper_1-0" class="comp toc-wrapper mntl-toc mntl-block" data-offset="60" data-tracking-container="true"><div id="mntl-toc__inner_1-0" class="comp mntl-toc__inner mntl-block"><div id="mntl-toc__heading_1-0" class="comp mntl-toc__heading mntl-block js-toc-toggle"><span id="mntl-toc__heading-text_1-0" class="comp mntl-toc__heading-text mntl-text-block">Table of Contents</span> <div id="mntl-toc-toggle_1-0" class="comp mntl-toc-toggle mntl-block"><button id="mntl-toc-toggle__btn_1-0" class="comp mntl-toc-toggle__btn mntl-text-block js-mntl-toc-toggle" data-collapsed-text="Expand" data-expanded-text="Collapse">Expand</button></div></div> <div id="mntl-toc__mobile-toggle_1-0" class="comp mntl-toc__mobile-toggle mntl-block js-sticky-toggle"><span id="mntl-toc__heading-text_2-0" class="comp mntl-toc__heading-text mntl-text-block">Table of Contents</span> <svg class="icon icon-drawer-arrow " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-drawer-arrow" href="#icon-drawer-arrow"></use> </svg></div> <ul id="mntl-toc__list_1-0" class="comp mntl-toc__list mntl-toc__list-heading expert-content"><li id="mntl-toc__list-item_1-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_1-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-what-is-a-penny-stock" rel="nocaes" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" id="mntl-toc__list-item-link_1-0" data-tracking-container="true" ><span class="link__wrapper">What Is a Penny Stock?</span></a></div></li> <li id="mntl-toc__list-item_2-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_2-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-understanding-penny-stocks" rel="nocaes" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" id="mntl-toc__list-item-link_2-0" data-tracking-container="true" ><span class="link__wrapper">Understanding Penny Stocks</span></a></div></li> <li id="mntl-toc__list-item_3-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_3-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-penny-stock-volatility" rel="nocaes" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" id="mntl-toc__list-item-link_3-0" data-tracking-container="true" ><span class="link__wrapper">Price Fluctuations</span></a></div></li> <li id="mntl-toc__list-item_4-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_4-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-advantages-and-disadvantages-of-penny-stocks" rel="nocaes" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" id="mntl-toc__list-item-link_4-0" data-tracking-container="true" ><span class="link__wrapper">Advantages and Disadvantages</span></a></div></li> <li id="mntl-toc__list-item_5-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_5-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-tips-for-investing-in-penny-stocks" rel="nocaes" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" id="mntl-toc__list-item-link_5-0" data-tracking-container="true" ><span class="link__wrapper">Tips for Investing</span></a></div></li> <li id="mntl-toc__list-item_6-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_6-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-can-you-make-money-on-penny-stocks" rel="nocaes" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" id="mntl-toc__list-item-link_6-0" data-tracking-container="true" ><span class="link__wrapper">Can You Make Money?</span></a></div></li> <li id="mntl-toc__list-item_7-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_7-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-signs-of-scams" rel="nocaes" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" id="mntl-toc__list-item-link_7-0" data-tracking-container="true" ><span class="link__wrapper">Signs of Scams</span></a></div></li> <li id="mntl-toc__list-item_8-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_8-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-real-world-example-of-penny-stock-scams" rel="nocaes" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" id="mntl-toc__list-item-link_8-0" data-tracking-container="true" ><span class="link__wrapper">Penny Stock Scams</span></a></div></li> <li id="mntl-toc__list-item_9-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_9-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-how-is-a-penny-stock-created" rel="nocaes" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" id="mntl-toc__list-item-link_9-0" data-tracking-container="true" ><span class="link__wrapper">Creation</span></a></div></li> <li id="mntl-toc__list-item_10-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_10-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-regulations-for-penny-stocks" rel="nocaes" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" id="mntl-toc__list-item-link_10-0" data-tracking-container="true" ><span class="link__wrapper">The SEC's Rules for Penny Stock</span></a></div></li> <li id="mntl-toc__list-item_11-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_11-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-after-hours-trading" rel="nocaes" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" id="mntl-toc__list-item-link_11-0" data-tracking-container="true" ><span class="link__wrapper">After-Hours Trading</span></a></div></li> <li id="mntl-toc__list-item_12-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_12-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-when-is-it-not-a-penny-stock" rel="nocaes" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" id="mntl-toc__list-item-link_12-0" data-tracking-container="true" ><span class="link__wrapper">When Is It Not a Penny Stock?</span></a></div></li> <li id="mntl-toc__list-item_13-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_13-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-example-of-a-penny-stock" rel="nocaes" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" id="mntl-toc__list-item-link_13-0" data-tracking-container="true" ><span class="link__wrapper">Example</span></a></div></li> <li id="mntl-toc__list-item_14-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_14-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-where-do-you-buy-penny-stocks" rel="nocaes" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" id="mntl-toc__list-item-link_14-0" data-tracking-container="true" ><span class="link__wrapper">Penny Stock FAQs</span></a></div></li> <li id="mntl-toc__list-item_15-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_15-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-the-bottom-line" rel="nocaes" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" id="mntl-toc__list-item-link_15-0" data-tracking-container="true" ><span class="link__wrapper">The Bottom Line</span></a></div></li></ul></div></div></div></div> </div><div class="loc article-pre-content"><ul id="breadcrumbs_1-0" class="comp breadcrumbs mntl-breadcrumbs mntl-block" data-tracking-container="true"><li id="mntl-breadcrumbs__item_1-0" class="comp mntl-breadcrumbs__item mntl-block"><a href="https://www.investopedia.com/stock-trading-4689660" rel="nocaes" class="mntl-text-link mntl-breadcrumbs__link" id="mntl-text-link_1-0" data-tracking-container="true" ><span class="link__wrapper">Stock Trading</span></a></li> <li id="mntl-breadcrumbs__item_2-0" class="comp mntl-breadcrumbs__item mntl-block"><a href="https://www.investopedia.com/penny-stock-trading-4689659" rel="nocaes" class="mntl-text-link mntl-breadcrumbs__link" id="mntl-text-link_2-0" data-tracking-container="true" ><span class="link__wrapper">Penny Stock Trading</span></a></li></ul> <header id="article-header_1-0" class="comp article-header mntl-block right-rail__offset js-toc-appear"><h1 id="article-heading_1-0" class="comp article-heading mntl-text-block">What Are Penny Stocks?</h1> <div id="sponsorship-wrapper_1-0" class="comp sponsorship-wrapper mntl-block"></div> <div id="article-meta_1-0" class="comp article-meta mntl-block" data-tracking-container="true"><div id="finance-bylines_1-0" class="comp finance-bylines mntl-bylines"><div id="mntl-bylines__group_1-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--author"><div id="mntl-bylines__item_1-0" class="comp mntl-bylines__item mntl-attribution__item mntl-attribution__item--has-date"> <span class="mntl-attribution__item-descriptor">By</span> <div data-tooltip="Chris B. Murphy is an editor and financial writer with more than 15 years of experience covering banking and the financial markets. " tabindex="0" data-inline-tooltip="true"> <a href="https://www.investopedia.com/contributors/99607/" rel="nocaes" data-trigger-link="true" class="mntl-attribution__item-name" tabindex="-1" >Chris B. Murphy</a> <div id="mntl-author-tooltip_1-0" class="comp mntl-author-tooltip mntl-tooltip mntl-group"> <div class="mntl-author-tooltip__top "> <div class="mntl-author-tooltip__image-wrapper"> <div class="img-placeholder" style="padding-bottom:93.2%;"> <img data-src="https://www.investopedia.com/thmb/lqtNROZ4DLnu7i8tb_AbQDTJNh4=/200x200/filters:no_upscale():max_bytes(150000):strip_icc()/me_jpeg__chris_murphy-5bfc262746e0fb0051bcea2f.jpg" width="200" height="200" data-srcset="https://www.investopedia.com/thmb/_SpsYf2Z440t_Kx2lQS_1mJBO7M=/40x0/filters:no_upscale():max_bytes(150000):strip_icc()/me_jpeg__chris_murphy-5bfc262746e0fb0051bcea2f.jpg 40w, https://www.investopedia.com/thmb/u4LDCTpTFC7PbR-9rhuWJcPY_S8=/58x0/filters:no_upscale():max_bytes(150000):strip_icc()/me_jpeg__chris_murphy-5bfc262746e0fb0051bcea2f.jpg 58w, https://www.investopedia.com/thmb/YRQUtMm8DWFWhLdVp5e6fHJBUzs=/76x0/filters:no_upscale():max_bytes(150000):strip_icc()/me_jpeg__chris_murphy-5bfc262746e0fb0051bcea2f.jpg 76w, https://www.investopedia.com/thmb/blYAxtEXKvGmxcLTBE4jcMzNjo4=/94x0/filters:no_upscale():max_bytes(150000):strip_icc()/me_jpeg__chris_murphy-5bfc262746e0fb0051bcea2f.jpg 94w, https://www.investopedia.com/thmb/XeVhtnsgMlL5dUEqL6aG20eiPuw=/112x0/filters:no_upscale():max_bytes(150000):strip_icc()/me_jpeg__chris_murphy-5bfc262746e0fb0051bcea2f.jpg 112w" data-sizes="80px" class="lazyload mntl-author-tooltip__image mntl-image universal-image__image" /> <noscript> <img src="https://www.investopedia.com/thmb/lqtNROZ4DLnu7i8tb_AbQDTJNh4=/200x200/filters:no_upscale():max_bytes(150000):strip_icc()/me_jpeg__chris_murphy-5bfc262746e0fb0051bcea2f.jpg" width="200" height="200" class="img--noscript mntl-author-tooltip__image mntl-image universal-image__image" srcset="https://www.investopedia.com/thmb/_SpsYf2Z440t_Kx2lQS_1mJBO7M=/40x0/filters:no_upscale():max_bytes(150000):strip_icc()/me_jpeg__chris_murphy-5bfc262746e0fb0051bcea2f.jpg 40w, https://www.investopedia.com/thmb/u4LDCTpTFC7PbR-9rhuWJcPY_S8=/58x0/filters:no_upscale():max_bytes(150000):strip_icc()/me_jpeg__chris_murphy-5bfc262746e0fb0051bcea2f.jpg 58w, https://www.investopedia.com/thmb/YRQUtMm8DWFWhLdVp5e6fHJBUzs=/76x0/filters:no_upscale():max_bytes(150000):strip_icc()/me_jpeg__chris_murphy-5bfc262746e0fb0051bcea2f.jpg 76w, https://www.investopedia.com/thmb/blYAxtEXKvGmxcLTBE4jcMzNjo4=/94x0/filters:no_upscale():max_bytes(150000):strip_icc()/me_jpeg__chris_murphy-5bfc262746e0fb0051bcea2f.jpg 94w, https://www.investopedia.com/thmb/XeVhtnsgMlL5dUEqL6aG20eiPuw=/112x0/filters:no_upscale():max_bytes(150000):strip_icc()/me_jpeg__chris_murphy-5bfc262746e0fb0051bcea2f.jpg 112w" sizes="80px" /> </noscript> </div> </div> <a href="https://www.investopedia.com/contributors/99607/" rel="nocaes" class="finance-author-tooltip__link mntl-text-link " id="finance-author-tooltip__link_1-0" data-tracking-container="true" ><span class="link__wrapper">Full Bio</span></a> <div id="finance-author-tooltip__social_1-0" class="comp finance-author-tooltip__social finance-social-nav mntl-social-nav" data-tracking-container="true"> <ul class="social-nav__list"> <li class="social-nav__item social-nav__item--linkedin"> <a href="https://www.linkedin.com/in/chris-b-murphy-56405818/" target="_blank" rel="noopener nofollow sponsored noskim" data-text="Follow" class="social-nav__link social-nav__link--linkedin" aria-label="Visit Chris B. Murphy's LinkedIn" > <svg class="icon icon-linkedin social-nav__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-linkedin" href="#icon-linkedin"></use> </svg> </a> </li> </ul> </div> <div class="mntl-author-tooltip__bio"> Chris B. Murphy is an editor and financial writer with more than 15 years of experience covering banking and the financial markets. </div> </div> <div class="mntl-author-tooltip__bottom"> <span class="mntl-author-tooltip__learn-more-text">Learn about our </span> <a href="/legal-4768893#editorial-policy" rel="nocaes" class="mntl-author-tooltip__learn-more-link" >editorial policies</a> </div> </div></div> </div> <div class="mntl-attribution__item-date">Updated May 17, 2024</div></div> <div id="mntl-bylines__group_2-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--finance_reviewer"><div id="mntl-bylines__item_2-0" class="comp mntl-bylines__item mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#reviewer-icon" href="#reviewer-icon"></use> </svg> <span class="mntl-attribution__item-descriptor">Reviewed by</span> <a href="https://www.investopedia.com/akhilesh-ganti-4590113" rel="nocaes" data-trigger-link="true" class="mntl-attribution__item-name" tabindex="0" >Akhilesh Ganti</a> </div></div> <div id="mntl-bylines__group_3-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--fact_checker"><div id="mntl-bylines__item_3-0" class="comp mntl-bylines__item mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#reviewer-icon" href="#reviewer-icon"></use> </svg> <span class="mntl-attribution__item-descriptor">Fact checked by</span> <a href="https://www.investopedia.com/patrice-williams-5205298" rel="nocaes" data-trigger-link="true" class="mntl-attribution__item-name" tabindex="0" >Patrice Williams</a> </div></div> </div></div></header> </div><div class="loc article-content"><div id="article__primary-video-container--jw_1-0" class="comp article__primary-video-container--jw mntl-block"><div id="article__primary-video--jw_1-0" class="comp article__primary-video--jw mntl-jwplayer mm-video lazyload right-rail__offset aspectratio-16:9" data-bgset="https://cdn.jwplayer.com/v2/media/UTMoIpB0/poster.jpg?width=720" data-sizes="auto"> <video class="mntl-jwplayer__video lazyload" preload="none" data-poster="https://cdn.jwplayer.com/v2/media/UTMoIpB0/poster.jpg?width=720"></video> </div></div> <div id="article-body_1-0" class="comp article-body mntl-block" data-contain-tooltips="true"><div id="mntl-sc-page_1-0" class="comp mntl-sc-page mntl-block article-body-content" data-sc-sticky-offset="80" data-sc-ad-label-height="0" data-sc-ad-track-spacing="90" data-sc-min-track-height="250" data-sc-max-track-height="600" data-sc-breakpoint="50em" data-sc-load-immediate="1" data-sc-content-positions="[300, 1, 1, 1250, 1, 1, 1, 1]" data-bind-scroll-on-start="true"><span class="heading-toc" id="toc-what-is-a-penny-stock"></span><h2 id="mntl-sc-block_1-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> What Is a Penny Stock? </span> </h2> <p id="mntl-sc-block_2-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> A penny stock typically refers to the stock of a small company that trades for less than $5 per share. Though some penny stocks trade on large exchanges such as the <a href="https://www.investopedia.com/terms/n/nyse.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">New York Stock Exchange</a> (NYSE), most trade via over-the-counter (OTC) transactions through the electronic <a href="https://www.investopedia.com/terms/o/otcbb.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">OTC Bulletin Board</a> (OTCBB) or through the privately-owned <a href="https://www.investopedia.com/terms/o/otc-markets-group-inc.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="3">OTC Markets Group</a>. </p> <div id="mntl-sc-block_3-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_4-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> There is no trading floor for OTC transactions. Quotations are also all done electronically. </p> <div id="mntl-sc-block_5-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_6-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_7-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-whatyouneedtoknow" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_1-0" class="comp mntl-sc-block-callout-heading mntl-text-block">Key Takeaways</h3> <div id="mntl-sc-block-callout-body_1-0" class="comp mntl-sc-block-callout-body mntl-text-block"><ul><li>A penny stock refers to a small company's stock that typically trades for less than $5 per share. </li><li>Although some penny stocks trade on large exchanges such as the NYSE, most penny stocks trade over the counter through the OTC Bulletin Board (OTCBB).</li><li>While there can be sizable gains in trading penny stocks, there are also equal risks of losing a significant amount of an investment in a short period.</li></ul></div></div></div> <figure id="mntl-sc-block_8-0" class="comp mntl-sc-block finance-sc-block-image mntl-sc-block-image mntl-sc-block-image--no-theme no-theme inline-image figure-landscape figure-high-res"> <div class="figure-media"> <div class="img-placeholder" style="padding-bottom:66.6%;"> <img data-src="https://www.investopedia.com/thmb/EEIs6YymRnUyvQ74jQD0sPRS7Hk=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/Term-p-penny-stock-resized-95f3b55da68e42d18446fbabefb7164c.jpg" width="1500" height="1000" data-srcset="https://www.investopedia.com/thmb/hu5cEfhyChcDxIHYq3QGH-pQBhA=/750x0/filters:no_upscale():max_bytes(150000):strip_icc()/Term-p-penny-stock-resized-95f3b55da68e42d18446fbabefb7164c.jpg 750w" data-sizes="750px" alt="Penny Stock" class="lazyload mntl-image mntl-image universal-image__image" data-expand="300" data-hi-res-src="https://www.investopedia.com/thmb/EEIs6YymRnUyvQ74jQD0sPRS7Hk=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/Term-p-penny-stock-resized-95f3b55da68e42d18446fbabefb7164c.jpg" id=mntl-sc-block-image_1-0 data-tracking-container="true" data-img-lightbox="true" data-click-tracked="true" /> <noscript> <img src="https://www.investopedia.com/thmb/EEIs6YymRnUyvQ74jQD0sPRS7Hk=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/Term-p-penny-stock-resized-95f3b55da68e42d18446fbabefb7164c.jpg" width="1500" height="1000" class="img--noscript mntl-image mntl-image universal-image__image" srcset="https://www.investopedia.com/thmb/hu5cEfhyChcDxIHYq3QGH-pQBhA=/750x0/filters:no_upscale():max_bytes(150000):strip_icc()/Term-p-penny-stock-resized-95f3b55da68e42d18446fbabefb7164c.jpg 750w" sizes="750px" alt="Penny Stock" /> </noscript> </div> </div> <figcaption id="mntl-figure-caption_1-0" class="comp mntl-figure-caption text-utility-100 figure-caption figure-article-caption"> <span class="figure-article-caption-owner"><p>Investopedia / Ryan Oakley</p></span> </figcaption></figure> <span class="heading-toc" id="toc-understanding-penny-stocks"></span><h2 id="mntl-sc-block_9-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Understanding Penny Stocks </span> </h2> <p id="mntl-sc-block_10-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> In the past, penny stocks were considered any stocks that traded for less than one dollar per share. The U.S. <a href="https://www.investopedia.com/terms/s/sec.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Securities and Exchange Commission</a> (SEC) has modified the definition to include all shares trading below five dollars. The SEC is an independent federal government agency responsible for protecting investors by maintaining the proper and orderly functioning of the <a href="https://www.investopedia.com/terms/s/security.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">securities</a> markets. </p> <div id="mntl-sc-block_11-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_12-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Penny stocks are usually associated with small companies with a lack of liquidity, meaning that there are few ready buyers in the marketplace. As a result, investors may find it difficult to sell stock since there may not be enough buyers. Because of the low liquidity, investors might have difficulty finding a price that accurately reflects the market. </p> <div id="mntl-sc-block_13-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_14-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Due to their lack of liquidity, wide bid-ask spreads or price quotes, and small company sizes, penny stocks are generally considered highly speculative. In other words, investors could lose a sizable amount or all of their investment. </p> <div id="mntl-sc-block_15-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-penny-stock-volatility"></span><h2 id="mntl-sc-block_16-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Penny Stock Volatility </span> </h2> <p id="mntl-sc-block_17-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Penny stocks often represent growing companies with limited cash and resources. Since these are primarily small companies, penny stocks are most suitable for investors who have a <a href="https://www.investopedia.com/articles/basics/03/050203.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">high tolerance for risk</a>. </p> <div id="mntl-sc-block_18-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_19-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Typically, penny stocks have a higher level of volatility, resulting in a higher potential for reward and, thus, a higher level of inherent risk. Investors may lose their entire investment on a penny stock, or more than their investment if they <a href="https://www.investopedia.com/terms/b/buying-on-margin.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">buy on margin</a>, which means the investor borrowed funds from a bank or broker to purchase the shares. </p> <div id="mntl-sc-block_20-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_21-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Investors should consider the heightened risks associated with penny stocks. For example, an investor should have a <a href="https://www.investopedia.com/terms/s/stop-lossorder.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">stop-loss order</a> predetermined before entering a trade and know what price level to exit if the market moves against them. Stop-loss orders set a price limit that, once reached, will trigger an automatic sale of the securities. </p> <div id="mntl-sc-block_22-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_23-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Although penny stocks can have explosive gains, it is essential to have realistic expectations and understand that penny stocks are high-risk investments with low trading volumes. </p> <div id="mntl-sc-block_24-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-advantages-and-disadvantages-of-penny-stocks"></span><h2 id="mntl-sc-block_25-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Advantages and Disadvantages of Penny Stocks </span> </h2> <p id="mntl-sc-block_26-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Due to their low volume, penny stocks tend to be more volatile than established equities. This means high opportunities for both gains and losses, and investors should be careful to understand both the risks and benefits. </p> <div id="mntl-sc-block_27-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_28-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Funding for Small Companies </span> </h3> <p id="mntl-sc-block_29-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Penny stocks do provide some small businesses with a way to access funding from the public. These companies may use this platform as a starting block to move into a larger marketplace. </p> <div id="mntl-sc-block_30-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_31-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> High Potential for Growth </span> </h3> <p id="mntl-sc-block_32-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Also, since they sell at such low prices, there is room for significant upside. Some companies, such as Amazon (<a href="https://www.investopedia.com/amazon-stock-amzn-5094245" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">AMZN</a>) originated as penny stocks but later grew into sizable <a href="https://www.investopedia.com/terms/b/bluechip.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">blue-chip</a> companies. </p> <div id="mntl-sc-block_33-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_34-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> A blue chip is a nationally recognized, well-established, and financially sound company. Blue chips generally sell high-quality, widely accepted products and services. Blue-chip companies typically have a history of weathering downturns and operate profitably <a href="https://www.investopedia.com/ask/answers/031915/what-benefit-investing-blue-chip-stocks.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">in the face of adverse economic conditions</a>, which helps to contribute to their long record of stable and reliable growth. </p> <div id="mntl-sc-block_35-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_36-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> However, some factors exacerbate the risk associated with investing in or trading penny stocks. These securities are usually riskier than more established companies. </p> <div id="mntl-sc-block_37-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_38-0" class="comp mntl-sc-block finance-sc-block-inlinevideo mntl-sc-block-inlinevideo mntl-block has-details inline-video"><div id="mntl-sc-block-inlinevideo__video-container_1-0" class="comp mntl-sc-block-inlinevideo__video-container mntl-block"><div id="mntl-sc-block-inlinevideo__video_1-0" class="comp mntl-sc-block-inlinevideo__video mntl-jwplayer mm-video lazyload aspectratio-16:9" data-bgset="https://cdn.jwplayer.com/v2/media/h32NAanu/poster.jpg?width=720" data-sizes="auto"></div></div> <h4 id="mntl-sc-block-inlinevideo__title_1-0" class="comp mntl-sc-block-inlinevideo__title mntl-text-block">Why Do Penny Stocks Fail?</h4></div> <div id="mntl-sc-block_39-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_40-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Lack of Information Available to the Public </span> </h3> <p id="mntl-sc-block_41-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> When considering options for potential investments, it's important to have enough information to make an informed decision. For some penny stocks, information on corporate performance can be very difficult to find. When this is the case, the information that is available about them may not come from credible sources. </p> <div id="mntl-sc-block_42-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_43-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Stocks traded on the OTCBB carry the "OB" suffix to their symbol. These companies file financial statements with the SEC. However, companies listed on the <a href="https://www.investopedia.com/terms/p/pinksheets.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1" rel="noopener noreferrer">pink sheets</a> are not required to file with the SEC. As such these businesses do not receive the same public scrutiny or regulation as the stocks represented on the NYSE, the Nasdaq, and <a href="https://www.investopedia.com/ask/answers/08/security-market-usa.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2" rel="noopener noreferrer">other markets</a>. </p> <div id="mntl-sc-block_44-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_45-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> No Minimum Standards </span> </h3> <p id="mntl-sc-block_46-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Stocks on the OTCBB and pink sheets do not have to fulfill minimum standard requirements to remain available for sale through OTC exchanges. Once a company can no longer maintain its listing position on one of the major exchanges, the company can move to one of the smaller OTC listing exchanges. Minimum standards can act as a safety cushion for some investors. When a company is not subject to higher standards, investing in that company becomes much riskier. </p> <div id="mntl-sc-block_47-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_48-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Lack of History </span> </h3> <p id="mntl-sc-block_49-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Many of the companies considered to be penny stocks could be newly formed, and some could be approaching <a href="https://www.investopedia.com/terms/b/bankruptcy.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1" rel="noopener noreferrer">bankruptcy</a>. These companies will generally have poor track records or no track record at all. As you can imagine, this lack of historical information makes it difficult to determine a stock's potential. </p> <div id="mntl-sc-block_50-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_51-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Liquidity and Fraud </span> </h3> <p id="mntl-sc-block_52-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Stocks that trade infrequently do not have much <a href="https://www.investopedia.com/terms/l/liquidity.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">liquidity</a>. As a result, it is possible that investors won't be able to sell the stock once it is acquired. The investors might need to lower their price until it is considered attractive to another buyer. </p> <div id="mntl-sc-block_53-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_54-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Low liquidity levels also provide opportunities for some traders to manipulate stock prices. The <a href="https://www.investopedia.com/terms/p/pumpanddump.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">pump and dump</a> scheme is a popular trading scam to lure investors into buying a stock. Large amounts of a penny stock are purchased followed by a period when the stock is hyped up or pumped up. </p> <div id="mntl-sc-block_55-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_56-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Once other investors rush to buy the stock, the scammers sell their shares. Once the market realizes there was no fundamental reason for the stock to rise, investors rush to sell and can take on heavy losses. </p> <div id="mntl-sc-block_57-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_58-0" class="comp mntl-sc-block finance-sc-block-comparisonlist mntl-block"><div id="mntl-sc-block_59-0" class="comp mntl-sc-block mntl-sc-block-comparisonlist"> <div class="mntl-sc-block__wrapper mntl-sc-block-comparisonlist__wrapper"> <span class="mntl-sc-block__heading mntl-sc-block-comparisonlist__heading">Pros</span> <ul class="mntl-sc-block__list mntl-sc-block-comparisonlist__list"> <li><p>Offer a place for small companies to gain access public funding.</p></li> <li><p>In some cases, penny stocks may provide a method to gain access to larger marketplace listing.</p></li> <li><p>With a lower price, penny stocks allow for significant upside in share appreciation.</p></li> </ul> </div> <div class="mntl-sc-block__wrapper mntl-sc-block-comparisonlist__wrapper"> <span class="mntl-sc-block__heading mntl-sc-block-comparisonlist__heading">Cons</span> <ul class="mntl-sc-block__list mntl-sc-block-comparisonlist__list"> <li><p>Penny stocks lack a liquid market with few buyers, perhaps even after their price has increased.</p></li> <li><p>There is limited information available on the company's financial record.</p></li> <li><p>Penny stocks have a high probability of fraud and bankruptcy of the underlying company.</p></li> </ul> </div> </div></div> <div id="mntl-sc-block_60-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-tips-for-investing-in-penny-stocks"></span><h2 id="mntl-sc-block_61-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Tips for Investing in Penny Stocks </span> </h2> <p id="mntl-sc-block_62-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> While penny stocks are volatile, there are some cautions that an investor can take to reduce their downside risk. One is to conduct proper due diligence: Since penny stocks tend to trade in venues with lower entry requirements, investors should take extra care to read the company's statements and ensure that the company is financially sound. </p> <div id="mntl-sc-block_63-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_64-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> It is also important to rely on <a href="https://www.investopedia.com/the-best-brokers-for-penny-stocks-8765710" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">reputable stockbrokers</a>. While there are scams to watch out for, most of them are promoted by dubious emails and cold calls. A reputable broker should be able to provide high-quality written research to back up any investment claims. </p> <div id="mntl-sc-block_65-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_66-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Finally, as with any speculative investment, never put in more money than you can afford to lose. While you may make a profit by day trading, the returns are much more steady with established, large-cap equities.<br/> </p> <div id="mntl-sc-block_67-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-can-you-make-money-on-penny-stocks"></span><h2 id="mntl-sc-block_68-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Can You Make Money on Penny Stocks? </span> </h2> <p id="mntl-sc-block_69-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Despite the risks, penny stocks can be profitable for a cautious or thorough investor. The key is to avoid certain fallacies that are common among speculative investments, such as the belief that they have the opportunity to make large gains. While this is true, they are equally likely to score large losses. </p> <div id="mntl-sc-block_70-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_71-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Another important fallacy to avoid is the low-price fallacy, which holds that low-priced securities are inherently "cheaper" than higher-priced ones. However, this does not account for factors like market capitalization or liquidity. Even if a certain stock doubles in price, it may be impossible to sell a large number of stocks without causing price <a href="https://www.investopedia.com/terms/s/slippage.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">slippage</a>.<br> </p> <div id="mntl-sc-block_72-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-signs-of-scams"></span><h2 id="mntl-sc-block_73-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Signs of Scams </span> </h2> <p id="mntl-sc-block_74-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Though there is no fool-proof strategy for knowing which penny stocks are fraudulent, the SEC recommends that investors heed the following warning signs in a company's record: <a href="https://www.investopedia.com/terms/s/suspended_trading.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">SEC trading suspensions</a>, large assets but small revenues, financial statements containing unusual items in the footnotes, odd auditing issues, and large insider ownership.<span class="ql-inline-citation" data-cite="7"></span> </p> <div id="mntl-sc-block_75-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-real-world-example-of-penny-stock-scams"></span><h2 id="mntl-sc-block_76-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Real-World Example of Penny Stock Scams </span> </h2> <p id="mntl-sc-block_77-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> California resident Zirk de Maison created nearly half of a dozen shell companies and offered them as penny stocks to investors between 2008 and 2013, according to the Federal Bureau of Investigation (FBI). </p> <div id="mntl-sc-block_78-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_79-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> De Maison told investors that the companies engaged in a variety of businesses, such as gold mining and diamond trading when, in fact, they did nothing. He sold the stocks in "boiler rooms," offices where <a href="https://www.investopedia.com/articles/active-trading/122315/illegal-highpressure-sales-tactics-brokers-use.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">brokers use high-pressure tactics</a> to push people into buying stocks by promising large profits. In 2015, de Maison and seven other perpetrators were found guilty of securities fraud and sentenced to federal prison.<span class="ql-inline-citation" data-cite="8"></span>  </p> <div id="mntl-sc-block_80-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-how-is-a-penny-stock-created"></span><h2 id="mntl-sc-block_81-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> How Is a Penny Stock Created? </span> </h2> <p id="mntl-sc-block_82-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Small companies and <a href="https://www.investopedia.com/terms/s/startup.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1" rel="noopener noreferrer">startups</a> typically issue stock as a means of raising capital to grow the business. Although the process is lengthy, issuing stock is often one of the quickest and most effective ways for a startup company to obtain capital. </p> <div id="mntl-sc-block_83-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_84-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> A penny stock, like any other publicly traded stock, is created through a process called an initial public offering or IPO. To be listed on the OTCBB the company must first file a registration statement with the SEC or file stating the offering qualifies for an exemption from registration. It must also check state securities laws in the locations it plans to sell the stock. Once approved, the company may begin the process of soliciting orders from investors. </p> <div id="mntl-sc-block_85-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_86-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Finally, the company can apply to have the stock listed on a larger exchange, or it can trade on the over-the-counter market. </p> <div id="mntl-sc-block_87-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_88-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Underwriting Penny Stock </span> </h3> <p id="mntl-sc-block_89-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> As with other new offerings, the first step is hiring an underwriter, usually an attorney or investment bank specializing in securities offerings. The company's offering either needs to be registered with the SEC, according to Regulation A of the Securities Act of 1933, or file under <a href="https://www.investopedia.com/terms/r/regulationd.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1" rel="noopener noreferrer">Regulation D</a> if exempt. If the company is required to register, Form 1-A, the registration statement, must be filed with the SEC along with the company's financial statements and proposed sales materials. </p> <div id="mntl-sc-block_90-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_91-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The financial statements need to remain available for the public to review, and timely reports must be filed with the SEC to maintain the public offering. Once approved by the SEC, orders for shares may be solicited from the public by accompanying sales materials and disclosures, such as a <a href="https://www.investopedia.com/terms/p/prospectus.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1" rel="noopener noreferrer">prospectus</a>. </p> <div id="mntl-sc-block_92-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_93-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Trading Penny Stocks </span> </h3> <p id="mntl-sc-block_94-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> After initial orders are collected and the stock is sold to investors, a registered offering can begin trading in the secondary market by listing on an exchange like the NYSE, Nasdaq, or trade over-the-counter. Many penny stocks wind up trading via OTC due to the strict <a href="https://www.investopedia.com/terms/l/listingrequirements.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">requirements for listing</a> on larger exchanges. </p> <div id="mntl-sc-block_95-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_96-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Sometimes companies make an additional secondary market offering after the IPO, which dilutes the existing shares but gives the company access to more investors and increased capital. Furthermore, it is mandatory that the companies continue to publicly provide updated financial statements to keep investors informed and continue to be quoted on the Over-the-Counter Bulletin Board. </p> <div id="mntl-sc-block_97-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-regulations-for-penny-stocks"></span><h2 id="mntl-sc-block_98-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Regulations for Penny Stocks </span> </h2> <p id="mntl-sc-block_99-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Penny stocks are considered highly speculative investments. To protect investors, the SEC and <a href="https://www.investopedia.com/terms/f/finra.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Financial Industry Regulatory Authority</a> (FINRA) have rules to regulate the trading of penny stocks. All broker-dealers must comply with Section 15(h) of the Securities Exchange Act of 1934 and the accompanying rules to be eligible to handle penny stock transactions.<span class="ql-inline-citation" data-cite="1"></span> </p> <div id="mntl-sc-block_100-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <ul id="mntl-sc-block_101-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <li>Following Exchange Act rules of §240.15g-9, the broker-dealer must approve the investor's transaction and make sure the investment is suitable for their purchase.<span class="ql-inline-citation" data-cite="2"></span> </li><li>They must provide the customer with a standardized disclosure document as outlined in §240.15g-2. This document explains the risks associated with buying penny stocks, customer rights, and solutions in cases of fraud.<span class="ql-inline-citation" data-cite="3"></span></li><li>Rule §240.15g-3 requires broker-dealers to disclose and confirm currently quoted prices before completing a penny stock transaction.<span class="ql-inline-citation" data-cite="4"></span></li><li>Rule §240.15g-4 states the broker must tell the investor about the funds the broker earns from facilitating the transaction.<span class="ql-inline-citation" data-cite="5"></span></li><li>Brokers must send monthly account statements that include details of the number and identity of each penny stock in the customer's account, as described by rule §240.15g-6. These statements must explain that the penny stock has limited market liquidity and provide an estimate of what they think the shares are worth in this limited market.<span class="ql-inline-citation" data-cite="6"></span></li> </ul> <div id="mntl-sc-block_102-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-after-hours-trading"></span><h2 id="mntl-sc-block_103-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> After-Hours Trading </span> </h2> <p id="mntl-sc-block_104-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Penny stocks can be traded after hours, and since many significant market movements can happen after exchanges close, penny stocks are subject to <a href="https://www.investopedia.com/terms/v/volatility.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">volatile</a> fluctuations after-hours. If penny stock investors execute buy or sell trades after-hours, they may be able to sell shares for very high prices or purchase shares for very low prices. </p> <div id="mntl-sc-block_105-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_106-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> However, even the best penny stocks are subject to low liquidity and inferior reporting. Also, if a penny stock does spike after hours, an investor looking to sell the stock might have a hard time finding a buyer. Penny stocks infrequently trade, even more so after market hours, which can make it difficult to buy and sell after hours. </p> <div id="mntl-sc-block_107-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-when-is-it-not-a-penny-stock"></span><h2 id="mntl-sc-block_108-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> When Is It Not a Penny Stock? </span> </h2> <p id="mntl-sc-block_109-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Multiple events can trigger the transition of a penny stock to a regular stock. The company can issue new securities in an offering that is registered with the SEC, or it can register an existing class of securities with the regulatory body. </p> <div id="mntl-sc-block_110-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_111-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Both types of transactions automatically require the firm to adhere to periodic reporting, including disclosures to investors about its business activities, financial conditions, and company management unless there is an exemption. These filings also mandate 10-Q quarterly reports, <a href="https://www.investopedia.com/terms/1/10-k.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">the annual Form 10-K</a>, and periodic Form 8-K reports, which detail unexpected and significant events. </p> <div id="mntl-sc-block_112-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_113-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> In some instances, there are additional conditions that will require a company to file reports with the SEC. Reports must be filed if a company has either at least 2,000 investors, more than 500 investors that can’t be categorized as accredited investors, and possesses more than US$10 million in assets. </p> <div id="mntl-sc-block_114-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_115-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Usually, companies with no more than $10 million in assets and fewer than 2,000 recorded shareholders don’t have to adhere to reporting guidelines under the SEC.<span class="ql-inline-citation" data-cite="9"></span> Interestingly enough, some companies opt for transparency by filing the same types of reports that other, perhaps more reputable, firms are required to do. </p> <div id="mntl-sc-block_116-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-example-of-a-penny-stock"></span><h2 id="mntl-sc-block_117-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Example of a Penny Stock </span> </h2> <p id="mntl-sc-block_118-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Most penny stocks don’t trade on major market exchanges. However, there are some large companies, based on market capitalization, that trade below $5 per share on the main exchanges like the Nasdaq. </p> <div id="mntl-sc-block_119-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_120-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> One example of a penny stock listed on the Nasdaq is Catalyst Pharmaceuticals Inc. (CPRX), a small biopharmaceutical company based in Coral Gables, Florida. As of Jan. 7, 2021, the stock price is $3.55 per share. In the last 12 months, the share price has fluctuated between $2 and $5. On Aug. 10, 2020, the stock closed at $4.26; however, the next day the price fell to $3.34 a drop of nearly 22%.<span class="ql-inline-citation" data-cite="10"></span> </p> <div id="mntl-sc-block_121-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_122-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Although there can be sizable gains in trading penny stocks, there are also equal or larger risks of losing a significant amount of an investment in a short period. </p> <div id="mntl-sc-block_123-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_124-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-where-do-you-buy-penny-stocks"></span> <h2 class="mntl-sc-block-questionandanswer__question">Where Do You Buy Penny Stocks?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>Penny stocks are traded on the OTC Bulletin Board (OTCBB) or the OTC Markets Group. They are also available to trade through a brokerage account, such as Fidelity or Charles Schwab.</p></div> </div> <div id="mntl-sc-block_125-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_126-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-how-do-you-buy-penny-stocks-on-fidelity"></span> <h2 class="mntl-sc-block-questionandanswer__question">How Do You Buy Penny Stocks on Fidelity?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>You can buy penny stocks on Fidelity by searching for companies that trade for less than $5 per share. Note that those trading penny stocks must first submit a form acknowledging that they understand the risks of penny stock trading.<span class="ql-inline-citation" data-cite="11"></span></p></div> </div> <div id="mntl-sc-block_127-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_128-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-how-do-you-find-penny-stocks-on-robinhood"></span> <h2 class="mntl-sc-block-questionandanswer__question">How Do You Find Penny Stocks on Robinhood?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>You can <a href="https://www.investopedia.com/articles/investing/092214/how-pick-winning-penny-stocks.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">find penny stocks</a> on Robinhood using the search function, and setting a filter for only those companies trading for less than $5 per share. Note that since Robinhood does not charge commissions, penny stock trades can be potentially more profitable than a commission-based broker.</p></div> </div> <div id="mntl-sc-block_129-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-the-bottom-line"></span><h2 id="mntl-sc-block_130-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> The Bottom Line </span> </h2> <p id="mntl-sc-block_131-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Penny stocks refer to shares in companies with a low price and low trading volume. Because these markets have low liquidity, there is also high volatility. This means more opportunities for large profits—or losses. </p></div> <div id="textnote-placeholder_1-0" class="comp textnote-placeholder mntl-block"></div> <div id="textnote_1-0" class="comp textnote mm-ads-gpt-adunit gpt textnote "> <div id="textnote" class="wrapper" data-timed-refresh="30000" ></div> </div></div> </div><div class="loc article-post-content"><div id="article-sources_1-0" class="comp article-sources mntl-article-sources mntl-expandable-block" data-scroll-offset="100"><div class="loc toggle-content"><div id="mntl-article-sources__wrapper_1-0" class="comp mntl-article-sources__wrapper mntl-block article-sources__wrapper" data-click-tracked="true"><div id="mntl-article-sources__heading_1-0" class="comp mntl-article-sources__heading mntl-text-block article-sources__heading">Article Sources</div> <div id="mntl-article-sources__icon-wrapper_1-0" class="comp mntl-article-sources__icon-wrapper mntl-block article-sources__icon-wrapper"><div id="article-sources__show-icon_1-0" class="comp article-sources__show-icon mntl-block"></div> <div id="article-sources__hide-icon_1-0" class="comp article-sources__hide-icon mntl-block"></div></div></div> </div><div class="loc expandable-content"> <div id="article-sources__disclaimer_1-0" class="comp article-sources__disclaimer mntl-block">Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our <a href="https://www.investopedia.com/legal-4768893#EditorialPolicy" rel="nocaes" class="article-sources__disclaimer-text-link mntl-text-link " id="article-sources__disclaimer-text-link_1-0" data-tracking-container="true" ><span class="link__wrapper">editorial policy.</span></a></div> <div id="mntl-article-sources__citation-sources-1_1-0" class="comp mntl-article-sources__citation-sources-1 mntl-citation-sources mntl-sources" data-tracking-container="true"> <ol class="mntl-sources__content"> <li class="mntl-sources__source" id="citation-7"><p>U.S. Securities and Exchange Commission. "<a href="https://www.sec.gov/reportspubs/investor-publications/investorpubsmicrocapstockhtm.html" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Microcap Stock: A Guide for Investors</a>."</p></li> <li class="mntl-sources__source" id="citation-8"><p>Federal Bureau of Investigation. "<a href="https://www.fbi.gov/news/stories/penny-stock-fraud-nets-millions" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Penny Stock Fraud Nets Millions</a>."</p></li> <li class="mntl-sources__source" id="citation-1"><p>U.S. Securities and Exchange Commission. "<a href="https://www.sec.gov/fast-answers/answerspennyhtm.html" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Penny Stock Rules</a>."</p></li> <li class="mntl-sources__source" id="citation-2"><p>Electronic Code of Federal Regulations. "<a href="https://www.ecfr.gov/cgi-bin/text-idx?SID=f79fc06b4fb9060028bc88cb1c849531&mc=true&node=se17.4.240_115g_69&rgn=div8" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">§240.15g-9 Sales Practice Requirements for Certain Low-Priced Securities</a>."</p></li> <li class="mntl-sources__source" id="citation-3"><p>Electronic Code of Federal Regulations. "<a href="https://www.ecfr.gov/cgi-bin/text-idx?SID=f79fc06b4fb9060028bc88cb1c849531&mc=true&node=se17.4.240_115g_62&rgn=div8" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">§240.15g-2 Penny Stock Disclosure Document Relating To the Penny Stock Market</a>."</p></li> <li class="mntl-sources__source" id="citation-4"><p>Electronic Code of Federal Regulations. "<a href="https://www.ecfr.gov/cgi-bin/text-idx?SID=f79fc06b4fb9060028bc88cb1c849531&mc=true&node=se17.4.240_115g_63&rgn=div8" class="pseudoStyle" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">§240.15g-3 Broker or Dealer Disclosure of Quotations and Other Information Relating To the Penny Stock Market</a>."</p></li> <li class="mntl-sources__source" id="citation-5"><p>Electronic Code of Federal Regulations. "<a href="https://www.ecfr.gov/cgi-bin/text-idx?SID=f79fc06b4fb9060028bc88cb1c849531&mc=true&node=se17.4.240_115g_64&rgn=div8" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">§240.15g-4 Disclosure of Compensation To Brokers or Dealers</a>."</p></li> <li class="mntl-sources__source" id="citation-6"><p>Electronic Code of Federal Regulations. "<a href="https://www.ecfr.gov/cgi-bin/text-idx?SID=f79fc06b4fb9060028bc88cb1c849531&mc=true&node=se17.4.240_115g_66&rgn=div8" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">§240.15g-6 Account Statements for Penny Stock Customers</a>."</p></li> <li class="mntl-sources__source" id="citation-9"><p>U.S. Securities and Exchange Commission. "<a href="https://www.sec.gov/smallbusiness/goingpublic/exchangeactreporting" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Exchange Act Reporting and Registration</a>."</p></li> <li class="mntl-sources__source" id="citation-10"><p>Yahoo Finance. "<a href="https://finance.yahoo.com/quote/cprx?ltr=1" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Catalyst Pharmaceuticals, Inc</a>."</p></li> <li class="mntl-sources__source" id="citation-11"><p>Fidelity Investments. "<a href="https://www.fidelity.com/viewpoints/active-investor/trading-penny-stocks" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1" rel="nofollow sponsored">Investing in Penny Stocks</a>."</p></li> </ol> </div> </div></div> <div id="performance-marketing_1-0" class="comp performance-marketing mntl-block "><div id="gam-ad-table_1-0" class="comp gam-ad-table ad-table mntl-block"><div id="brokertable--v2_1-0" class="comp brokertable--v2 brokertable finance-ad-table mm-ads-ad-table mntl-block ad-table--v2" data-ad-table="brokertable2-"><div id="mm-ads-ad-table__heading_1-0" class="comp mm-ads-ad-table__heading mntl-text-block">Compare Accounts</div> <div id="mm-ads-ad-table__disclosure_1-0" class="comp mm-ads-ad-table__disclosure mntl-block" data-tracking-container="true"><button id="mm-ads-ad-table__disclosure-label_1-0" class="comp mm-ads-ad-table__disclosure-label mntl-button"> Advertiser Disclosure </button> <div id="mm-ads-ad-table__disclosure-description_1-0" class="comp mm-ads-ad-table__disclosure-description mntl-block"><div id="mm-ads-ad-table__disclosure-close_1-0" class="comp mm-ads-ad-table__disclosure-close mntl-text-block">×</div> <div id="mm-ads-ad-table__disclosure-content_1-0" class="comp mm-ads-ad-table__disclosure-content mntl-text-block">The offers that appear in this table are from partnerships from which Investopedia receives compensation. 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This compensation may impact how and where listings appear. 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data-targeting="{}"></div> </div></div></div> <div id="mntl-block_6-0" class="comp mntl-block"><div id="fin-billboard5-sticky-dynamic_1-0" class="comp fin-billboard5-sticky-dynamic mm-ads-sc-sticky-square scads-to-load right-rail__item" data-height="600" style="height: 600px;"><div id="mm-ads-sc-sticky-square-ad_5-0" class="comp mm-ads-sc-sticky-square-ad billboard5-dynamic mm-ads-dynamic-square mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit mm-ads-square gpt square dynamic"> <div id="square-fixed" class="wrapper" data-timed-refresh="30000" data-type="square" data-pos="btf4" data-priority="7" data-sizes="[[300, 250],"fluid"]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div> <div id="mntl-block_7-0" class="comp mntl-block"><div id="fin-billboard6-sticky-dynamic_1-0" class="comp fin-billboard6-sticky-dynamic mm-ads-sc-sticky-square scads-to-load right-rail__item" data-height="600" style="height: 600px;"><div id="mm-ads-sc-sticky-square-ad_6-0" class="comp mm-ads-sc-sticky-square-ad billboard6-dynamic mm-ads-dynamic-square mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit mm-ads-square gpt square dynamic"> <div id="square-fixed" class="wrapper" data-timed-refresh="30000" data-type="square" data-pos="btf5" data-priority="8" data-sizes="[[300, 250],"fluid"]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div> <div id="mntl-block_8-0" class="comp mntl-block"><div id="fin-billboard7-sticky-dynamic_1-0" class="comp fin-billboard7-sticky-dynamic mm-ads-sc-sticky-square scads-to-load right-rail__item" data-height="600" style="height: 600px;"><div id="mm-ads-sc-sticky-square-ad_7-0" class="comp mm-ads-sc-sticky-square-ad billboard7-dynamic mm-ads-dynamic-square mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit mm-ads-square gpt square dynamic"> <div id="square-fixed" class="wrapper" data-timed-refresh="30000" data-type="square" data-pos="btf6" data-priority="9" data-sizes="[[300, 250],"fluid"]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div> <div id="mntl-block_9-0" class="comp mntl-block"></div> <div id="mntl-block_10-0" class="comp mntl-block"></div> <div id="mntl-block_11-0" class="comp mntl-block"></div></div></div> </div></article> <div id="related-recirc-section_1-0" class="comp related-recirc-section mntl-block" data-tracking-container="true"><div id="slot-1_1-0" class="comp slot-1 related-recirc-section--terms mntl-block" data-tracking-container="true"><div id="related-terms_1-0" class="comp related-terms mntl-block"><div id="related-terms__heading_1-0" class="comp related-terms__heading mntl-text-block">Related Terms</div> <div id="related-terms__list_1-0" class="comp related-terms__list mntl-block"><div id="relates-terms__content_1-0" class="comp relates-terms__content mntl-block"><a href="https://www.investopedia.com/terms/b/blankcheckcompany.asp" rel="nocaes" class="related-terms__title mntl-text-link " 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'.mob' : ''); function formatAdSizeArray(sizeArr) { return sizeArr.map(function(sz) { return sz.join('x'); }).join('|'); } // Assign a randomly-generated, eight character, alpha-numeric value to this property. setup.advertising.adscheduleid = Math.random().toString(36).substr(2,8); // muid - used for audience targeting setup.advertising.ppid = '9a7ae7f5-37eb-4956-95af-0dd40d9220cf'; let custParams = ''; custParams += '&' + encodeURIComponent('slot') + '=' + encodeURIComponent('primary'); const inFocus = window && window.document && window.document.hasFocus(); const durationParams = Mntl.JWPlayer.getDurationParams(92778, false); custParams += '&ttid=' + setup.mediaid; custParams += '&play=' + Mntl.JWPlayer.getCustomPlayValue(setup.autostart, isImmediateAutoplay, playInView); custParams += '&in_focus=' + inFocus; custParams += '&videoduration=' + durationParams.duration; custParams += '&duration_over=' + durationParams.durationOver; custParams += '&duration_under=' + durationParams.durationUnder; custParams += '&tags=' + encodeURIComponent("QA,economics,investopedia,Finance,money,original,stock,trading,economy,business,3play_extended,VO,TI,animated,16x9,Penny Stock Trading,understanding penny stocks,pink sheets,penny stocks explainer explained,a quick primer of penny stocks,gain a working knowledge of penny stocks,what is penny stocks,lack of liquidity,a brief overview of penny stocks,although there can be sizable gains in trading penny stocks,small capitalization,the basics of penny stocks,stock of a small company that trades for less than 5 dollars per share,the lack of standards and public disclosures make penny stocks more of a gamble than legitimate investment,what to know about penny stocks,highly speculative,there are also equal risks of losing a significant amount of an investment in a short period,any stock below 3 dollars that trades outside of the major market exchanges"); custParams += '&ad_count=1'; //ad_count is 1 for the ad call. setup.advertising.schedule = [{ "offset": "pre", "tag": [ 'https://securepubads.g.doubleclick.net/gampad/ads?', 'sz=', formatAdSizeArray([[640, 360]]), '&iu=', iuPath, '&env=vp&hl=en&gdfp_req=1&impl=s&output=xml_vast2&unviewed_position_start=1&lid=', '&url=', encodedPageURL, '&description_url=', encodedPageURL, '&correlator=', Math.floor(Date.now() / 1000), '&cust_params=', Mntl.GPT.serializeAllTargeting(), encodeURIComponent(custParams), '&ad_rule=1' ].join('') }]; Mntl.JWPlayer.init({ accountKey: "oxY0/BqWBX09BISmLN4/xuTz4IdZy713Cdjj4GyHOiYCUCyJ", adSizes: [[640, 360]], defer: true, deferOnRFDS: true, displayMode: "none", divId: "article__primary-video--jw_1-0", enableBiddingWithTCData: false, enableTVPEngagementBtns: false, eventCategoryType: "Primary", intersectionMargin: "250px", isImmediateAutoplay: isImmediateAutoplay, isImmediateStickyDisabled: false, isIntersectionDisabled: true, isMobileAdhesive: false, isBroadVideo: false, isPlaylist: false, mediaSize: 1080, playerId: "IYlOBiju", playInView: playInView, showCaptions: true, rtbVideoConfig: {"maxduration":60,"minduration":0,"plcmt":2}, useGamPlcmt: true, usePrebidPlcmt: true, useDynamicVideoSizes: true, skipExistingMediaContent: false, stickyplay: true, useMotionThumbnails: false }, setup ); }(window.Mntl || {})); (function(Mntl) { const setup = {"clickToInitialize":false,"pipIcon":"enabled","skin":{"name":"mantle"},"mute":false,"advertising":{"client":"googima","vpaidmode":"enabled","rules":{"frequency":0},"forceNonLinearFullSlot":true,"vpaidcontrols":true,"autoplayadsmuted":true},"autostart":false,"mediaid":"h32NAanu","preload":"metadata","autoPause":{"pauseAds":true,"viewability":true},"aspectratio":"16:9","volume":"75","pauseotherplayers":"true","cast":{},"width":"100%"}; // JW player requires `playlist` to be populated for contextual playlists setup.playlist = setup.playlistUrl; const isImmediateAutoplay = false; const playInView = 0; const encodedPageURL = encodeURIComponent(window.location); const domain = Mntl.utilities.getDomain(); const iuPath = '/' + Mntl.GPT.getDfpId() + '/ddm.' + domain.replace('.com', '.video') + (Mntl.GPT.isMobile() ? '.mob' : ''); function formatAdSizeArray(sizeArr) { return sizeArr.map(function(sz) { return sz.join('x'); }).join('|'); } // Assign a randomly-generated, eight character, alpha-numeric value to this property. setup.advertising.adscheduleid = Math.random().toString(36).substr(2,8); // muid - used for audience targeting setup.advertising.ppid = '9a7ae7f5-37eb-4956-95af-0dd40d9220cf'; let custParams = ''; custParams += '&' + encodeURIComponent('slot') + '=' + encodeURIComponent('inline'); const inFocus = window && window.document && window.document.hasFocus(); const durationParams = Mntl.JWPlayer.getDurationParams(105365, false); custParams += '&ttid=' + setup.mediaid; custParams += '&play=' + Mntl.JWPlayer.getCustomPlayValue(setup.autostart, isImmediateAutoplay, playInView); custParams += '&in_focus=' + inFocus; custParams += '&videoduration=' + durationParams.duration; custParams += '&duration_over=' + durationParams.durationOver; custParams += '&duration_under=' + durationParams.durationUnder; custParams += '&tags=' + encodeURIComponent("QA,investopedia,Finance,money,t+i,original,stocks,expense,trading,buying,investment,penny stocks,business,penny,reliable,buyingpenny,stock exchanges,fail,risky,3play_extended,VO,TI,animated,16x9,stock trading,Penny Stock Trading,Penny Stock,Penny Stocks Explained,buying penny"); custParams += '&ad_count=1'; //ad_count is 1 for the ad call. setup.advertising.schedule = [{ "offset": "pre", "tag": [ 'https://securepubads.g.doubleclick.net/gampad/ads?', 'sz=', formatAdSizeArray([[640, 360]]), '&iu=', iuPath, '&env=vp&hl=en&gdfp_req=1&impl=s&output=xml_vast2&unviewed_position_start=1&lid=', '&url=', encodedPageURL, '&description_url=', encodedPageURL, '&correlator=', Math.floor(Date.now() / 1000), '&cust_params=', Mntl.GPT.serializeAllTargeting(), encodeURIComponent(custParams), '&ad_rule=1' ].join('') }]; Mntl.JWPlayer.init({ accountKey: "oxY0/BqWBX09BISmLN4/xuTz4IdZy713Cdjj4GyHOiYCUCyJ", adSizes: [[640, 360]], defer: true, deferOnRFDS: false, displayMode: "none", divId: "mntl-sc-block-inlinevideo__video_1-0", enableBiddingWithTCData: false, enableTVPEngagementBtns: false, eventCategoryType: "Inline", intersectionMargin: "250px", isImmediateAutoplay: isImmediateAutoplay, isImmediateStickyDisabled: false, isIntersectionDisabled: false, isMobileAdhesive: false, isBroadVideo: false, isPlaylist: false, mediaSize: 1080, playerId: "IYlOBiju", playInView: playInView, showCaptions: false, rtbVideoConfig: {"maxduration":60,"minduration":0,"plcmt":1}, useGamPlcmt: true, usePrebidPlcmt: true, useDynamicVideoSizes: true, skipExistingMediaContent: false, stickyplay: false, useMotionThumbnails: false }, setup ); }(window.Mntl || {})); (function(Mntl) { Mntl.Tooltip.init({ defaultPositionX: "auto", defaultPositionY: "auto" }); })(window.Mntl || {}); (function(Mntl) { Mntl.Tooltip.init({ defaultPositionX: "auto", defaultPositionY: "auto" }); })(window.Mntl || {}); (function (Mntl) { Mntl.digioh = { script: null, brandId: null, initialized: false, init() { if (this.initialized) return; const brandId = 'e3542c25-d89b-481c-ac4f-44c01364706b'; const digiohFastActivation = 'false'; const lightboxJs = digiohFastActivation === 'true' ? '/lightbox_speed.js' : '/lightbox_inline.js'; // eslint-disable-next-line prefer-template const script = 'https://www.lightboxcdn.com/vendor/' + brandId + lightboxJs; this.brandId = brandId; this.script = script; this.initialized = true; }, load(callback) { this.init(); if (callback) { Mntl.utilities.loadExternalJS({ src: this.script }, callback); } else { Mntl.utilities.loadExternalJS({ src: this.script }); } } }; })(window.Mntl || {}); Mntl.digiohTimerDelay = parseFloat('0') * 1000; }); </script> <div id="mm-ads-taxAggregator-iframe_1-0" class="comp mm-ads-taxAggregator-iframe"> <div id="taxAggregatorWrapper" style="display: none !important;"> <script> if (document.getElementById("taxAggregatorIframe") === null) { const iframe = document.createElement("iframe"); iframe.id = "taxAggregatorIframe"; document.getElementById("taxAggregatorWrapper").appendChild(iframe); const dotDashOrigin = "https://www.dotdashmeredith.com"; const sendTaxDataToIframe = () => { const { primaryTaxonomyIds } = {"primaryTaxonomyIds":"4173514|4427765|4689660|4689659"}; const tax2 = primaryTaxonomyIds?.split("|")?.[2]; if (tax2 !== undefined) { iframe.contentWindow.postMessage( { tax2 }, dotDashOrigin, ); } } // when iframe loads, send it the taxonomy data iframe.addEventListener("load", sendTaxDataToIframe); // The "load" event fires regardless of whether the network request succeeded/failed, // but we can test for a successful load by sending a message from the iframe itself. // Message is sent here - https://bitbucket.prod.aws.about.com/projects/REVDEV/repos/private-aggregation-api-frontend/browse/index.html let iframeLoaded = false; window.addEventListener("message", event => { if (event.origin === dotDashOrigin && event.data === "success") { iframeLoaded = true; } }); window.addEventListener("readyForThirdPartyTracking", () => { iframe.setAttribute("src", dotDashOrigin + "/privateAggregationAPI/index.html"); }); setTimeout(() => { if (iframeLoaded === false) { console.error("Private Aggregation API document failed to load from dotdashmeredith.com (mm-ads module)"); } }, 6000); } </script> </div> </div></body> </html>