KMA Global Solutions International (KMAG)

[kex0414]

Delisting KMAG does not make a it worthless. Delisting does mean the you can no longer sell these shares in a normal transactions on Stock Exchanges. However, it can be sold through the OTC, OTC Gray (aka Grey) or Pink Sheets, which are not Exchanges. As a result, your shares are not completely worthless. They're just nearly worthless.

To actually establish your loss you will need to sell these shares to your broker for some nominal amount, or dump them on the OTC. (Which is not an Exchange). Exception is if the company is insolvent and you have documentation to establish this fact. In other words, you may think the shares are worthless but that doesn’t make it so.
If your stock meets the IRS guidelines for being a worthless stock, you would still need to sell these stocks through your broker in order to claim the losses.

An example of mistakenly claiming a stock to be worthless and/or worth “zero” is in fact KMAG, which had a previous close of $0.0001 and closed today at $0.001 (from ETrade data).