I guess deep down is still happening? In spite of going completely silent over the last few months, Capcom has filed to extend the trademark on the deep down name.
The extension request was officially put on record on Feb. 5, 2016. This is a relatively recent request, so clearly Capcom is still making the game happen.
At least, we hope that’s the case. The extension request that Capcom “has a continued bona fide intention, and is entitled, to use the mark in commerce.” They’re working on it.
deep down was announced by Capcom way back in February of 2013. The game, since then, was revealed to be free-to-play. Other than that? We don’t know too much.
Maybe we’ll see more of deep down at E3 2016.