I understand that they can revoke it. But do they typically do it ? For e.g say petition for transfer gets denied, can an individual maintain status based on a previous unexpired h1b. Which should practically give you 60 days to reapply for h1/ find a new job at that point.
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If your transfer is denied, and it has been more than 60 days since you left the old job, you're out of status and need to leave the US and get a new visa stamp to return.
Note, despite being out of status, you don't start to accrue unlawful presence until your I-94 expires or until DHS notifies you that you are out of status.