There are two main markets where a stock might trade after it is formally delisted in the US: the pink sheets and OTCBB (over-the-counter bulletin board). The FINRA (Financial Industry Regulatory Authority) provides an electronic trading facility called the Over-the-Counter Bulletin Board (OTCBB). There is hardly any regulation for OTCBB. If a company’s financial statements are current, it will be able to trade here. Even riskier than the OTCBB is the pink sheets, a quotation service. It does not require organizations to register with the Securities and Exchange Commission (SEC) or keep up with their regular filings. The equities listed on the pink sheets involve a lot of speculation. Delisting doesn’t indicate that a business will file for bankruptcy. A firm can be delisted and yet be successful, just as many private businesses thrive without the stock market.
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