To have a "fresh start" as you say, the company would need to file 2 years of audited Financials. Otherwise the company is now a private company. Shareholders still own their shares but the revoked SEC registration means the shares can not trade on any public market.
FWIW, the SEC does not forgive any (formerly) public company that failed in their mandatory obligations to file Financials, thus the requisite 2 years of audited Financials if the company ever wants their equities/shares to be traded on a public market.
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