In that case, Section 382's limits come into play. And one of them is that the historic business enterprise of the Corporation that generated the NOL's must be continued. In a reverse merger, the business of the private company becomes the business of the shell. It would be considered a reorganization and would nullify the old NOL's. So in that case, the old NOL's would not have any value.
As I said, the value of historic NOL's generated by penny stocks is almost always zero to any acquirer, which is why no failed penny stock is ever bought for the NOL's. They just can't be used.