Shell, backdoor listing, reverse take over. All the same. Its...

Shell, backdoor listing, reverse take over. All the same. Its not usually "cash". Existing holders will most likely not be bought out. Or that is a takeover(not a reverse take over).

Basically TDX will acquire a new project/company. Lets say TDX take over unlisted ABC. You issue TDX shares to ABC. All script offer. No cash.

Old TDX = X shares + Cash
New TDX = X shares + cash + more share used to acquire ABC.

Then consolidate, restructure and possible name change to ABC.

ABC has effectively taken over TDX(in reverse) and has gone from a private company to a listed company with certain benefits. Easier to sell out, liquidity, seek capital, etc. Easier than seeking a listing, prospectus, IPO, etc.

So now TDX holders will own ABC shares. You can make money because it is basically an IPO. Stag profits.