If you are going to do a reverse merger with a public shell. You will need audited financials and the equivalent of an SB-2 Registration Statement within 4 days of the merger or you will be out of compliance. Therefore making public shells useless. Non-trading public shells were already a useless gimmick used by shell promoters to sell you something. It actually takes longer than if you were to just take your own company public from scratch. The non-trading shells just add an extra step and do not save you anytime whatsoever. In fact they take longer than if you were just to start the process from scratch.
Many people think you need to do a reverse merger with a public shell to go public, which is incorrect. Others think that doing a reverse merger with a public shell is faster. Again this is another misconception. For example, to start trading on the Pink Sheets is very fast. A company can always move up to the NASD OTC Bulletin Board or NASDAQ later. Some companies choose to start out on the Pink Sheets and later move up to NASDAQ or the NASD OTC Bulletin Board. A company can also elect to begin trading on the NASD, OTCBB from the outset.