Find public shells for reverse mergers.

1. M&A intermediaries

Transaction-ready shells are often sourced through boutique investment banks, securities counsel, and marketplaces (e.g. DealStream, BizBuysell public-shell sections). These channels surface controlling shareholders looking to exit a listing.

StockGPS automates EDGAR + market-data screening; intermediaries still matter for off-market shells and negotiated control transfers.

2. Quantitative screening

Scan for micro-cap exchange names that look like distressed public vehicles:

• Market cap: $10M–$50M (nano / micro-cap)
• Revenue (TTM): near $0 (≤ $5M in our scanner)
• Cash / share: rank wind-down names with remaining cash
• Employees: often < 10 after wind-down (verify in 10-K)
• Exchange: Nasdaq, NYSE, or NYSE American

3. SEC EDGAR full-text signals

Avoid generic “public shell company.” Use exact mandatory boilerplate instead:

• "shell company as defined in Rule 12b-2" — required periodic disclosure
• "substantial doubt … going concern" — distressed 10-K auditor warnings
• "development stage company" AND "no revenues" — stagnant registrants
• SIC 6770 — blank checks (SPACs; manual only — auto-scan excludes)
• Boolean: ("blank check" OR "shell company") AND "Nasdaq" + 10-K/10-Q, last 180 days

Automated scan uses these phrases for all three shell types: distressed exchange names, classic OTC shells, and SPACs.

4. Exchange & deal risk

• Initial listing qualification: combined entity must meet post-merger market cap, price, and governance rules
• Seasoning: Nasdaq may require OTC or regulated-market trading history before up-listing unless a qualifying underwritten offering is completed
• Hidden liabilities: audit for toxic converts, lawsuits, and legacy financing before any LOI