A company that is in the development state. In its business plan, the company’s aim is to merge with some active company in order to go public (i.e., through a reverse merger). Though a virgin shell must have completed and filed the necessary documents with the exchange authorities (SEC), it is not issued ticker symbols and not quoted on the pink sheets or the OTCBB securities market. It typically has a legal public status (i.e., as a public shell company) thanks to its submission of form 10 registration statements (previously, form 10-SB). A virgin shell company is created when a newly incorporated “blank check” company is formed with only a minimal number of staff and managers, subjecting itself to SEC reporting requirements by filing a form 10-SB.

Virgin shell companies are also known as blank check public shell corporations or form 10 shell corporations.