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  • Monday, April 28, 2025
  • The Financial Encyclopedia
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Investment Banking

  Investment Banking   |   Terms
  • 354
  • February 19, 2023
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Unclean Shell

A general term that may refer to either a dirty shell or a messy shell. Broadly speaking, unclean shells are shell companies which didn’t fare well over their business lives, or which have a bad track record. A shell’s current value is adversely affected by a shell’s bad past history or management, among other factors.

Unclean shells are also called non-bulletin board shells.


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