You are wrong. As I just witnessed a brewing company in New York do it with one of Ray Barton's companies. And it has happened before with a vibrating shoe company that is now private after having merged with the public company. Actually the merged companies in the very same stock reverted back to the founders at least 3 times. GVSI. It is too off topic to go into detail here but check the filings.
Following this deal, Good Vibrations Shoes is moving forward as a business consulting firm. Chief executive officer (CEO) Paul Carlin will step down from the board of directors and leave the company to run the brewery business as a private entity. The company confirmed that the brewery business was not suited to be a public company.