If you have borrowed stock, you are obliged to return it and pay...

If you have borrowed stock, you are obliged to return it and pay borrow fees, which are calculated as a proportion of the value of the stock borrowed each day. That valuation evolves each day with the stock price.

Companies going through corporate actions have implications for the stock borrower, where the usual approach is for the stock loan reflects the corporate action. For example, if the stock splits 1 into 10, the loan is over 10x the number of new shares.

If it delist, the obligation to deliver continues unless or until the security is declared worthless. Delisting makes it rather inconvenient to find a security that can be returned, but one way is for the company to issue shares directly to the borrower and return those to the lender. Obviously that costs money for the borrower, but that’s the way life works sometimes.

You can seek your own advice, but in general terms, delisting on its own does not release the borrower from the obligation to return stock.