A public company that has its stock Registration revoked becomes a private company. Shareholders still own shares but the shares are given a number to represent their holdings since the ticker no longer exists.
It is impractical for shareholders to try to privately trade their shares because they could only do so by obtaining paper certificates of their shares since Brokers will not permit electronic trading of revoked securities through client accounts. Converting shares to paper certificates is a costly venture and trading paper certificates would be a monumental task.
Should the now private company be a viable enterprise shareholders could try to recover their investment losses through civil court litigation, but that is also a costly venture. Company insiders who allowed their stock to be suspended and subsequently revoked have demonstrated zero regard for shareholders, so one could reason that the same company insiders would simply make their private company's assets disappear if there was a shareholder lawsuit.
To take control of a company one would need to take the company owners to Court. Even upon gaining control the company would remain a private company because it is unlikely the SEC would ever approved a new Form 10 Registration. Only one company out of 1290 that had their Registrations revoked was successful at registering new stock with a Form 10, so the odds of success at a new registration are infinitesimally small.
To bite the worm of incite is to bite the HOOK of the antagonist . They win .
