Delisting refers to the removal of a stock from a stock exchange. This usually happens when a company is no longer able to meet the listing requirements of the exchange, such as minimum market capitalization, minimum number of shareholders, or minimum share price. Delisting can also occur when a company is acquired or merged with another company, or when it goes bankrupt or is liquidated. Once a stock is delisted, it can no longer be traded on the exchange and becomes a “penny stock” traded over-the-counter or on a different exchange.