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I own some shares in a company OAS that was delisted from Nasdaq. It went to trade at OTC under ticker OASPQ. It later underwent a reorganization (Chapter 11) and is back trading at Nasdaq under its old ticker OAS. What happened to the shares I owned in OAS before it was delisted?

According to an app I was trading in, OASPQ shareholders "will receive warrants which will be exchanged to cash at best available price" but I was not able to find OASPQ anymore Bloomberg: OASPQ and Weibull: OASPQ.

Here is something I found from a press release, does this say I have a right to some shares in the new company or am I completely wrong?

Oasis' unsecured claims, including holders of Oasis' senior unsecured notes, received their proportionate distribution of 100% of Oasis' newly issued common stock (subject to dilution).

Some recent history of OAS (Oasis Petroleum):

  • September 30, 2020, OAS filed a petition for reorganization under Chapter 11. (U.S. Bankruptcy Court for the Southern District of Texas).
  • October 12, 2020 Nasdaq suspended trades with OAS common stock.
  • November 19, 2020, OAS Completes Financial Restructuring
  • November 20, 2020, OAS is back trading at Nasdaq.
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    The reason for delisting? September 30, 2020, OAS filed a petition for reorganization under Chapter 11. (U.S. Bankruptcy Court for the Southern District of Texas).
    – Bob Baerker
    Commented Feb 13, 2021 at 0:24

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The OASPQ shares were cancelled, (making them worthless), according to the company's press release:

In connection with emergence from Chapter 11, all of the Company's existing equity interests will be cancelled, effective before the market opens on November 20, 2020.

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That quote is indeed relevant. Here is what happened:

  1. The ability of the company to produce positive cash flow for equity investors went to zero. Your shares became worthless
  2. Furthermore, the ability of the company to produce cash flow to service its debt became inadequate. Unsecured creditors — those without a claim on physical assets of the company — stood to lose millions
  3. The company still had some light at the end of the tunnel. A future where it could produce enough cash to pay off its debts. Certainly not enough to pay you and other equity holders, but probably enough to pay secured & unsecured creditors
  4. So everyone except equity holders got around a table, came up with a plan to restructure the company, put it in front of a judge, and had it approved
  5. The new plan gives you nothing
  6. The new plan gives unsecured creditors 100% of the equity in the new company, likely in exchange for writing off the loans they made.
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