No, I think there are many small caps whose management had solid...

No, I think there are many small caps whose management had solid plans followed by serious work to transform their tiny companies to sizeable ones. It's even happening as we speak.

There are other moronic small caps run by scammers who create the company just to lure dreamers into their trap and suck in all their money. I have seen such companies trading at 1 or sub 1 cent year after year with seasonal spikes. If the regulators had made an example out of these, we wouldn't be at the situation that we are now. Simply delisting a fraudulent company is not enough. The stolen money should be returned to investors and responsible criminals jailed for a very very long time