Comment by ssanders82

Halts are temporary (generally a few hours to a few days). If it's delisted from NASDAQ it will almost certainly move to another exchange (OTC / pink sheets) and the stock will still trade.

If the stock truly is wiped out and common shareholders equity is 0, you can exercise the put, receive 100x the strike value per contract, and deliver nothing.

Source: https://www.optionseducation.org/referencelibrary/faq/splits...