Would it be wise to invest in an OTC stock?

Would it be wise to invest in an OTC stock like for instance GM with anticipation of the stock rebounding in the future? If a stock like GM, rebounds next year, as the company expects, and they create a new IPO would the current share holders benefit from the new IPO or would they have to again purchase the stock at the new price? (in other words, would their current stock be worthless?)