Penny Shares Prices

penny shares prices
When a stock goes extremely low, is that a sign the co. is going out of business?

I own stock in a company whose share price has gone extremely low (much less than a penny). Just wondering what this could mean. At one point, it was like $3 per share. Thanks for any insight.
If possible, please give reasons why yes or no and a source to back up your answer. Thanks!

The company may have had a bad trading year with big losses and there might well have been a rush to sell the shares creating the low price quote. Best check the company reports and see the real problem there could be several.

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