👉 In finance and economics, a substock is a stock or other investment that is not yet listed on a major stock exchange or national stock exchange. Substocks are often considered "underwritten" in financial terms, meaning they have been approved by the company's management and are considered to be a part of the company's operations rather than an independent entity. Substocks typically have lower trading volumes than their listed counterparts due to the lack of liquidity on the market. They may also face higher transaction costs or
