Interesting theory.

I think there are a number of issues here though.

1. Reverse IPO’s are usually executed because of a) it is sometimes cheaper than a straight IPO and b) it gets around new listing approvals by the exchange. When it comes to an ICO, the cost of launching can be from $15,000. Furthermore, there is no organization that will block an ICO from actually launching — so where is the benefit?
2. With the SEC heading towards a legislation classifying ‘investment style tokens’ as a real asset class, this would be a risky move and would likely block the ability for ownership by US citizens, at least in the short term.
3. Unlike equity markets, there is very little correlation between company value and the listed token price. This won’t always be the case, however, with liquidity constraints and a relatively young ecosystem, there is no certainty that token prices will match underlying equity value.

Just my thoughts.

Nonethless I like the idea of a reverse ICO.