If the public shells for sale company is listed on the bulletin board, the registered or free trade shares can continue to trade. The public shells for sale company can do a private placement immediately. To trade new shares, the newly combined company must first register the shares with the SEC. This process takes three to four months and normally requires filing a registration statement with the SEC. If the public shells for sale does not have a symbol, an application for a symbol is usually made to the NASDAQ bulletin board. The application requires filing a Form C211 by a market maker that is a member of the NASD. The Bulletin Board has no financial requirements for the public shells for sale.