Technically the old common may get cancelled, but sometimes the commons are exchanged for shares in the new company. Look up the history on PRGNQ. The commons received 40% of the reorganized company = $24 / share when it was sold to HP.
Not all the time, from my understanding, but that is a risk here that you need to consider before putting money in WAMUQ. In the way you ask this, I presume that you need to spend some time on this board to determine what is in play here to understand all the issues.