It looks like the live-action Micronauts movie is still alive. It’s being reported that the co-writer and co-director for the animated How to Train Your Dragon film, Dean DeBlois, will be working on movie based on the Mego toyline from 1976 (licensed from the 1974 Takara Microman toys). Those toys were turned into comics by Marvel, Image, Devil’s Due, and IDW, who is the currently holds the comic license.
The Micronauts movie will be the first live-action project for DeBlois, who took on the writing and directing duties solo for the How to Train Your Dragon movie sequels. The comics would usually take on a storyline about the heroic Micronauts team taking on the oppressive Baron Karza. Little is known about the how the movie will handle the license, but the source article does describe it as:
… centering on a group of intergalactic explorers.
It also looks like the originally announced October 16, 2020 date for the film has been pushed back at some point, with Paramount now set to release the movie June 4, 2021.