Sorry, but no. There is no reverse merger, as the massive amounts of the remaining unpaid debt would come with the company.
They NOLs are worthless. Under tax laws, most of them are cancelled immediately upon any acquisition. The remainder will have their expiration dates significantly accelerated.
They have no value, as even in an acquisition scenario, they would be worth far, far, FAR less than the amount of the debt any buyer would have to assume to acquire them.
Why on earth would anyone merge into this shell and assume its massive debt? There are no operations to continue, the operating assets have been severed from the company, so the NOL’s cannot be used at all. And, besides, the JV could have bid on the whole company, but chose not to do it, it wasn’t worth it.
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