courtesy of a google search: http://www.bristoldirect.com/research/delistingarticle.html The entire delisting process can take as long as six months. Once a company is delisted, it will typically trade on the OTCBB or on the Pink Sheets - clearly the OTCBB is preferable. Trading on the OTCBB requires current SEC filings and a market maker that is willing to make a market. (There are instances when a company qualifies for the OTCBB but still trades on the Pink Sheets because no market makers step up.) There is still a market for the stock so, what exactly is so bad about being delisted? Loosing NASDAQ listing will significantly affect liquidity. Most investors avoid OTC stocks, and with good reason. Additionally, raising capital becomes a significant challenge. In essence you have all the costs and regulations associated with being public and none of the benefits.