That is not true... https://investmentbank.com/nol-shells/ The holders of the NOL shell can also recoup some of their losses in the shell by allowing a reverse merger to take place. It allows the original shell investors to not take a complete bath. https://seekingalpha.com/article/2541945-the-importance-of-nol-shells Rather than completely summarize the article, I would suggest a quick perusal of the link I’ve included above. It briefly outlines the methods for monetizing NOL shells as well as the various types and stages of a NOL shell corporation. Make no mistake, NOLs are often in high demand and, depending on how clean/dirty the shell is, the prices can range greatly.