[_puk]

From experience..

Old company is renamed something like "legacyabc"

A new company is formed with the old company's name. All personnel and IP is moved to the new company", all debt is left in the old company. Original share holders get a big payout.

The old company is now worthless. Shares are now worth less than the original strike price. Original company is likely dissolved.

Bad luck.

Generally you'll have to sign a new contract in the new company to keep working.

If you're really unlucky, your L1 (or w/e) visa is tied to the old company, you now have to leave the country, and can't easily transfer to this new company.