If a company has been delisted, it is no longer trading on a major exchange, but the stockholders are not stripped of their status as owners. The stock still exists, and they still own the shares. However, delisting often results in a significant or total devaluing of a company's share value。
https://www.investopedia.com/investing/the-dirt-on-delisted-stocks/
Trading After Delisting
When a stock is officially delisted in the United States, there are two main places it can trade: the over-the-counter bulletin board (OTCBB) and the pink sheets.
Over-the-Counter Bulletin Board (OTCBB)
The over-the-counter bulletin board (OTCBB) is an electronic trading service offered by the Financial Industry Regulatory Authority (FINRA). The OTCBB has very little regulation. Companies will trade here if they are current in their financial statements.
Pink Sheets
The pink sheets are considered even riskier than the OTCBB. The pink sheets are a quotation service. They do not require that companies register with the Securities and Exchange Commission (SEC) or remain current in their periodic filings. The stocks on the pink sheets are very speculative.
Special Considerations
Delisting doesn't necessarily mean that a company is going to go bankrupt. Just as there are plenty of private companies that survive without the stock market, it is possible for a company to be delisted and still be profitable.
However, delisting can make it more difficult for a company to raise money, and in this respect, it sometimes is the first step towards bankruptcy. For example, delisting may trigger a company's creditors to call in loans, or its credit rating might be further downgraded, increasing its interest expenses and potentially even pushing it into the red.
