In an interview about several movie projects being worked on, writers Paul Wernick and Rhett Reese gave a very brief statement on the live-action Micronauts in pre-production.
Wernick said “It departs from the comic wildly, so if you hope it's loyal to the comic you'll be disappointed in that particular sense.” He also goes on to say that it is very different but cool and says that Bad Robot (J.J. Abrams' production company) won't allow much more to be said about it at this point.
Marvel's Micronauts (originally written by Bill Mantlo and drawn by Michael Golden in 1979) chonicled the advenures of Commander Arcturus Rann and the ragtag crew of the HMS Endeavor (including Bug, recently seen with the Guardians of the Galaxy) as they escape from the evil tyrant Baron Karza to Earth and then back home to fight the good fight in the Microverse.
The comic itself was loosely based on the Microman (ミクロマン) toyline imported from Japan by Mego (later bought by Hasbro). Marvel produced two Micronauts comic titles and the characters crossed over with the likes of the X-Men early on and were involved in Realm of Kings and Minimum Carnage in more recent times. The Micronauts franchise also had comics produced by Image and Devil's Due after Marvel lost the license to the name.