An exchange typically initiates a delisting for non-compliance with continuing listing requirements such as minimum share price, volume of trading, market capitalization or audited financial reporting. A company in violation of these conditions is often in serious financial trouble, possibly headed into bankruptcy, and its stock price has fallen dramatically. The company is given time to bring its stock back into compliance; if it fails, the stock is delisted. Sometimes a stock can lose a national listing but still trade at a lower level such as on a Bulletin Board or Pink Sheets, which have limited listing requirements. Many companies whose stock is delisted end up in bankruptcy, with the shareholders completely wiped out. If a shareholder ignores multiple warnings and fails to sell before a delisting, he will likely lose his entire investment in the stock.