The company of course, could then decide it is not worth it to try and go forward anymore if they have nothing substantive to offer merger partners. Without the shares O/S to negotiate with potential partners, they fold up shop and abandon the shell. Then you have nothing but an empty shell, languishing forever in sub-pinkie land (if there is such a place). You will have your form 4's to wave around in triumph, as well as a fist full of worthless stock in a bankrupt company that will never trade again at any price. I'd rather take my chances that the reverse merger they may be planning, will be a better prospect than some may think it will be, in spite of the O/S and dilution prospects.