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This page appears to answer your question: http://www.sec.gov/answers/dfnctco.htm

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The all-time lowest price a stock sold for can vary by company and is often influenced by factors such as stock splits or company bankruptcies. For instance, the stock of the now-defunct company Enron traded as low as $0.01 per share after its collapse. However, some penny stocks can also trade for fractions of a cent, making it difficult to pinpoint a single lowest price universally. Typically, the lowest recorded prices are found in stocks with severe financial distress.


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