True, you become a shareholder of the new company, but to what amount? Chances are it is not proportional to the amount of the shell that you had. If the original shell has 100M O/S, the new company might decide to add 900M to it to represent themselves. Now the OS is 1B. If you hold 1M, now instead of owning 1% of a shell, you own 0.1% of the new company. This may still be profitable to you, or it may not.
I am not an Investment Advisor and I cannot be held liable for your investment decisions. Everything I write is to be considered "in my opinion".