Sorry, was in a BK hearing for another company today, that's why the delayed response.
Shares are not automatically cancelled, and as the price here is so low, there may not be much movement in price, downward (IMHO)
However, the NOL's are very valuable and only can be used by an operational company, so its possible that their presence could make this an attractive shell for another company to buy, to utilize those.
Hope this helps.
Ilene