If you own stock in a company delisted on nasdaq, what happens to your investment?

Scruffy,
Delisting is not as big of a deal as some would have you believe. What "happens" when a stock is delisted is that it is no longer eligible to trade on Nasdaq. Stocks become delisted for a number of reasons but the biggest ones are failure to file financial statements on a timely basis or failure to maintain minimum price and/or volume levels. From a fundamental point of view one of those is more important than the other. Failure to file financial statements is a big negative on a company because the investor is in the dark as to how a company is doing. Investors rely on regular and timely quarterly financial statements in order to monitor the health and progress of their investment. However, Sarbanes-Oxley (a law passed over 5 years ago by Congress in response to the original tech bubble) has made it much harder for companies to file financial statements on a timely basis. Why? Because now companies have to certify every penny and satisfy the auditors as to the internal controls of the company. While in general this is a good thing as it has decreased the chance you're getting fudged numbers, for smaller companies it can be quite a burden. Auditors can be a pain in the *** and create more administration than is necessary. Some of the tests and requirements being generated by Sarbox (as its known) can be overbearing, especially for smaller companies that do not have big accounting departments. However, Sarbox is good because it has raised the standards generally for reported financials for all publicly traded firms.
But I digress.
The other limitations about share price and volume don't concern me as much because they do not necessarily indicate a fundamental problem with a company. They just measure other investor interest. As I am a buy low, sell high kind of an investor, I actually like buying companies when their stock price is low and there is not much volume.
In fact, I have on occassion invested in delisted companies specifically because most delisted companies trade at some discount to regular listed companies. However, this is an extremely risky strategy and should only be undertaken if you have professional-level investment analysis skills. That being said, I've made some of my best investments by buying a company that I believe will only be temporarily delisted. Many companies can reattain listed status once they demonstrate compliance with the exchange's standards. (They refile new, better financial statements, etc...).
So, delisting is not the end of the world, but at the same time it is not a good signal for your stock either. Generally, I believe that stocks that become delisted will decline in value until they can regain compliance and demonstrate to investors that they are worth investing in again.

De- listed is usually bankrupt or value below $1 / share .
Stock is an equity thing , and your equity went south .
If you had like 10,000 shares , there may be some value even at 50 cents .
Call the company offices and ask them , (instead of us )
But usually de-listed = $$$$$ gone bye - bye .

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It means that company does not have enough income to remain on the nasdaq.
The share still worth money but probably what is called "penny stocks"

You lost money

Delisting from the nasdaq means that they dont meet the criteria for trading on that exchange, they need to be trading under $1.00 for 30 days. The next step for the company is the OTC bulletin board or the OTC pink sheets. Sometimes, it's because of lost market share or revenue, or they havent filed their quarterly earnings in time. It is possible for a company to be re-listed, but its tough.
Ive enclosed 2 webites with recent articles.
Good hunting, hope this helps.

well if its delisted by the exchange, then that's very bad. It means the compnay wasn't living up to their end of the bargain with respect to filing practices and so forth that the exchange requires. Since it is delisted, there is no market to trade in and therefore no value. Your only hope is the company can get listed on the OTC bulletin board or pink sheets, where it will likely trade substantially lower.

You will still own stock in the company. It'll be just more difficult to sell, because it won't have an easy platform to be traded, unless it's still with another stock exchange.

Nothing.