H1B Approved, 797 Received, but CPT was Cancelled

Like a lot others who has to go to Goldey Becom DE to maintain the status, I’m doing my 2nd master there and using the CPT to continue my “internship”.
The employer filed H1B for me and it was approved. I’ve got hard copy of COS - I797 doc. Last week though, GBC cancelled my CPT without any alert, mainly because I missed one class for personal reason.
I’m still on F1 status, but CPT has gone. My first reaction is to ask my employer take me out from the payroll and stop working.
Would I be OK if I return to work after Oct 1st? Furthermore, I’m so sick of GBC’s attitude to their students, would it affect me somehow if I drop out the school after Oct 1st?

Thanks!!

Stop working immediately and tell frankly to your employer that you will start post Oct 1st. Droping out will not affect your H1B.