What are red hot penny shares?

Could you kindly elaborate on the concept of "red hot penny shares"? I'm particularly interested in understanding what characterizes these shares and how they differ from other types of investments. Are they typically high-risk, high-reward investments? And how do investors typically identify and evaluate potential red hot penny shares? I'm also curious about the potential risks involved in investing in such shares, and any strategies or considerations investors should take into account when exploring this area of the market. Thank you for your insights.