That is clearly false. According to your own logic, had the SEC accepted the Form 10 and it got pink current, it would be a shell company and officially designated as a Shell on OTCM. Prior to termination of custodianship.
Was WNFT listed as a Shell before custodianship was officially discharged?
If you were in a court, would you use the SEC definition as the "legal definition" or would you cite to the OTCM website as your definition?