First: I am aware of the fact, that the CEO has been served with a Wells notice. Before one goes out and makes a judgment, one would better await the outcome. Pre-emptive speculation may not always be the right thing.
Now with ref. to your question about a company going public as a shell and raising money, I would like to ask you, what is so unique with this soluton? It is done every day around this beautiful world.
For the rest as already said: I await a presentation of their businessplan and the next filing. And then I will see and decide.