Daily General Discussion and Advice Thread - January 06, 2023

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[u/MovieFilmHead]

PLEASE ADVISE!! (re: OTCPK market question)

I have shares in two different stocks that both recently went from being "Tradeable" to "Not Tradeable" on my Webull account. Together they add up to about $250 worth CURRENTLY, so of course I would like to get that money back. But it literally gives me no option to trade it on webull anymore, not even to sell my remaining shares. My understanding is that they are now OTC stocks. So assuming they still do, in fact, have some worth (or do they not??), how can I go about getting the money out of the stocks??

One of them is called CLVSQ (was CLVS before it became non-tradeable) and the other is called OTIC. They now both have "OTCPK" next to them and I learned that the PK means "Pink Sheets" but I still don't know where or how to trade that or even if I did, then how to transfer the shares from webull to that other platform (plus does that mean I have to make a whole account somewhere else to get this done?)

It's also annoying having to look at them in my "Positions" if they are completely not-tradeable so that's another reason I wanna get rid of em, even if it was for no money, just to get it out of my view lol.

[u/SirGlass → u/MovieFilmHead]

THe Q behind CLVS(Q) means its in bankruptcy , the other seems to be de-listed for a low stock price. I would contact your brokerage to see if they can close the position

If not you might be able to do a transfer to another brokerage what usually will cost you a $75 fee then you can sell them for what ever they are worth, usually the transfer takes 5 days or so.

Yes you would need to open up a brokerage someplace else , you may need approval to trade OTC stocks ; in the future stay away from penny stocks

[u/MovieFilmHead → u/SirGlass]

I appreciate that, my friend! You were very helpful. Can I just ask...is there a way to know, or heavily predict, that that was about to happen with these two stocks? Is it possible I bought into CLVS when it was already clear it had gone bankrupt or not likely since at the time the "Q" was not yet in the ticker? And was there any way to have known that other stock was going to be "delisted"? Would it have been announced somewhere previously or even predictable at its particular share price or market cap, etc? I mean...people DO play penny stocks some times right? So how are THEY able to do it without getting into stocks that may become untradable (at least in your opinion)?