Most shells raise purchase capital in order to complete the...

Most shells raise purchase capital in order to complete the acquisition.
That is the deal that holders wait on.
So existing cash with a very low spend co. not such an issue.

There are very little ongoing costs here. tick
Tech shell status . tick

They have sold other businesses and still expect payment. In this case , their MC does not factor in money owed.

When a deal is settled on, it often goes into halt , so you cant get in until it reopens with the acquisition completed. Hopefully, it gaps up to a higher valuation on re open.

If you want in on that, you buy. Waiting is part of the shell game.