 This typically occurs when a company goes out of business, declares bankruptcy, no longer satisfies the listing rules of the stock exchange, or has become a private company after a merger or acquisition, or wants to reduce regulatory reporting complexities and overhead, or if the stock volumes on the exchange from which it wishes to delist are not significant.Delisting does not necessarily mean a change in company's core strategy.In the United States, securities which have been delisted from a major exchange for reasons other than going private or liquidating may be traded on over-the-counter markets like the OTC Bulletin Board or the Pink Sheets.