so, if they do not do a reverse split, how do they deliver value to the acquiring company? If I have a company that wants to be public, and mina mar gets me a shell, using pbls as an example, what do I, the new company get? I am now public, but I now own 0% of the common stock of my company, and 60% of the preferred shares? Why would I give away 80% of the company just to be a pink sheet company.. If I want to be public, the standard for a reverse merger is that the new company has about 90% of the new shares... So, there would be massive dilution, so that the new company has a vast majority of the shares. Most people here are familiar with the reverse merger done by TECO... a reverse split AND massive dilution. NOW, lets look at the website from Shareholder Advocates, where it plainly states in "about us" Shareholder Advocates, L.L.C. is a shareholder in every "corporate clean up" and does not guarantee the future value or outcome to any stockholder. In most cases stockholders will be diluted from a reverse stock split, issuance of shares or both. http://shareholderadvocates.com/About_Us.html So, my question to you , Alex, is why would a company go public through a shell without either a reverse split, and be issued a massive amount of stock so that the new entity's management has a majority of the shares?