A pink sheet shell is a privately owned quote service not associated with NASD and not subject to SEC reporting requirements.) A trading non-reporting company normally trades on the pink sheet shell. This has many advantages. You may qualify for the piggy back exemption if the company becomes current and compliant with the SEC in its reporting requirements. Directed trading pink sheet shell companies, do not have a 15c211 on file with the NASD. The company must file a registration statement to become a reporting company and will normally require a SEC review. Value of a pink sheet shell is questionable.