PRE - SHELL MERGER : A ‘shell’ stock with little to no market activity is aroused by a jump in volume. The volume primarily originates from (i) those with ‘inside’ knowledge and (ii) savvy investors speculating that a merger may be on the horizon. During this stage, ‘accumulation’ of stock in the marketplace by one, or both of the aforementioned parties, is common. Unusual volume activity, in a given market, is a signal that favorable corporate activity may be taking place. The favorable event, relative to reverse-mergers, is that management may have found a suitor for the shell.