Can a QRP be used to replace a QRP?

DB plan terminated in 2018. The two participants received max lump sum, and the excess went into a QRP. The two original DB employees are no longer on payroll, so no 95% issue. There are now new employees including a new owner. Remaining unallocated assets are over 1 million. Can we set up a new DB qualified replacement plan using the remaining unallocated assets.   

I could see the problem if the QRP has already accepted the excess assets.  Feels like they're trapped there, not eligible to be re-spun somewhere else.  (The original QRP was DC, I'm guessing?)

Yes, PSP.

Any reason the PSP QRP couldn't be terminated and a new QRP established to replace it?

I don't know what to do for that specific fact pattern, since DC plans usually don't have leftover suspense accounts at plan termination time.

I think the QRP rules are fairly specific and detailed, that any remaining excess not allocated after the earlier of the 7th year or termination of the QRP (due to 415 limits, otherwise you must allocate to remaining participants at such time) must be reverted and is subject to taxes. If a QRP to a QRP were allowed, an employer could simply run a string of QRPs that used excess assets indefinitely into the future.

https://www.law.cornell.edu/definitions/uscode.php?width=840&height=800&iframe=true&def_id=26-USC-276939643-615333267&term_occur=999&term_src=title:26:subtitle:D:chapter:43:section:4980