H1b Petition Approved but lost employment! Can petition be transferred?

Hi Saurabh,

My wife is in an exceptional scenario! She did her MS from USA and applied for an F1 to H1b COS. Her H1b case got selected in the lottery and the petition also got approved. Now the issue is that her company (a startup in Bay Area) closed down. So I had a few questions -

  1. Can the petition be transferred to another company (her H1b will be effective Oct 1, 2014)?

  2. WIll the petition be nullified since she no longer has an employment?

  3. If petition is nullified, can we extend her STEM OPT so that we can apply for H1 next year?

It would be a great help if you could let us know at the earliest, so that we can decide our options.