Hi back atcha, Zorax. The only time that shareholders lose their shares is when a Judge, typically a Bankruptcy Judge, cancels the equity/shares. Those shareholders would have a nominal record of the shares they once owned so that they can record the losses on their tax returns.....but those shares no longer exist in any capacity whatsoever.
In all other instances when the SEC revokes an SEC registered company's stock registration FINRA deletes the symbol/ticker, but the shares still exist without a symbol/ticker. The same applies to Alternate reporting OTC stocks (ie., not registered with the SEC) where FINRA can delete the symbol/ticker for trading inactivity. Those shares also continue to exist but do not have a symbol/ticker. That means that although the shares exist the shares cannot trade on any public market.
The only options available for shareholders of shares that exist but do not have a symbol/ticker is to sell those shares to that shareholder's Broker.......usually the entire holdings for one cent to remove those shares from one's portfolio. In the old days shareholders could ask for their shares in paper certificates and could either sell them privately or as the old joke would say, use those paper certificates as wallpaper. In extremely rare instances a company may reregister with the SEC or a formerly Alternate reporting OTC issuer may get reinstated by FINRA where a symbol/ticker would be reassigned to those companies......so those companies' stocks may be traded again IF the company finds a Market Maker to sponsor the stock for trading by filing a FORM 211 to FINRA.
To bite the worm of incite is to bite the HOOK of the antagonist . They win .
