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I dont post much but i just wanted to say i hope the SEC does the right thing here and takes action against Kaja Whitehouse, those responsible for the NSS thats been going on, and everyone else trying to bring this company down. I'm sure we've all seen the SEC fail to protect companies in this position time and time again in order to hide what really goes on in the marketplace- its disgusting, and it needs to stop.
I don't think people can fathom the lengths these hedge funds will go to see this company fail. All these misleading "news stories", the forged letters, the swarms of bashers, ect, has made it evident they are in a huge hole. I believe in SPNG, i really do but i wouldn't be surprised if the shorts weasel out of this without even taking a loss. It sucks, but when you have as much money and influence as they do, their needs will always be put before ours.
Even if SPNG dropped down to 3 cents (which you"ll never see) many here would still walk away honest people with a healthy profit while certain others will forever be remembered as wall street failures peddling lies and crappy cd's to people for personal gain...have a good day
I'm not gonna lie and say i'm not upset-its human nature when money is involved- but the whole Drakeford thing was out of their control and they are now rectifying the situation. This stuff takes time. The company hasn't changed- the sales are there, fundementals are there, and in the end i still believe the company will continue it's success. If this really is Sykes, you know how much manipulation goes on in the OTC market- and its not by the company. When spng pulls out of this setback, it will once again shine a light on how dumb certain people are.
Those same people are stuck in open short positions, so how smart can they really be.
we need to get off this godforsaken exchange and on to Nasdaq
Hi everybody, does anybody here know if the R/S will force an accounting of shares?
Watching AYME has been really fun...There is no question in my mind now that this is the company buying back shares- Today management drew a line in the sand, making it very clear to the miscreants trying to drag down the PPS that the only way out is up. Way up. This is going to be quite a show for longs.
Hi everybody, exciting day- the 10K certainly makes my first day of school a bit more exciting- just had to post. Good luck to everyone who held through all the BS we as shareholders have had to deal with, i have a feeling we are gonna get the shimmering 10K the longs deserve today, followed shortly by a 10q in the coming weeks that will blow our minds. All in my opinion of course, but SM and MM have the best interest of shareholders in mind and they have always delivered when it counts. The coming weeks and months will be no exception. Have a great day everybody.
I honestly have no idea as to how many have been bought back, but i agree with CYRXorbust that the company has bought back close to their goal of 150 million. XDrewX mentioned AYME has bought and kept around 150 million shares and he is a reliable member of this board. Keep in mind though that the company can only buy back 25% of the average daily volume so at most the company could theoretically buy back around 20-30 million shares a day, however they are also restricted to buying back shares at prices lower than the highest independent bid of any given session which doesn't mean much considering the u-shaped intraday pattern we have seen nearly every day the last month or so. All in all, buying back 150 million shares wouldn't take that long if the company has the cash, which i believe they do (thanks again to SM), so i would say they have bought back between 100-150 million shares, but until we get the K, your guess is as good as mine.
While i cannot be 100% sure, everything about what AYME has been doing indicates this is the Market Maker hired to complete the buyback of shares on behalf of the company/management. If you look at my previous posts regarding AYME (sorry i dont know how to link you to it) and how they go about their buying, you will see it directly correlates with SEC regulations regarding company buybacks. Like i said, not 100% positive, but after watching AYME for the past few weeks i am convinced this is the case.
First of all, that is not what that poster said, so don't try to twist the posts of others to accomplish less than honorable ends. Secondly, the financing deal between SpongeTech and RME was the best thing that ever happened to SPNG. Without that much needed capital, the company would not have been able to raise capital because shady entities were naked short selling the company's stock into the ground. RME and SM/MM are the reason this company is thriving, regardless of what you want to believe.
Ummm, what is the point if it isn't and cannot be enforced? It is just lip service put forth by the SEC and the people selling these naked shorts know this so they do it until circumstances require an accounting of shares. Your post doesn't mean anything and definitely doesn't disprove NSS.
It did it's job right? Like i said, the more confusing the better off the company is- unfortunately keeping the bad people in the dark means keeping the shareholders there as well. It is really all or nothing because of SEC insider trading regulations. They cant just tell one person and not tell another, that would be illegal. The unfortunate truth is, that management cannot trust anybody outside of the company.
If one takes the time to truly learn, understand, and apply the laws and regulations relative to securities and they way companies are required to do things, you will understand the companies plan. The company has to adhere to very stringent and complex regulatory procedures while relatively speaking, those manipulating the stock can pretty much do whatever they want because of BS loopholes and lack of governmental jurisdiction.
Heres an analogy: Imagine if somebody broke into your house with a gun and while you are trying to stop them, the police show up and tell you "well we can't technically arrest the burglar...but, if you plan on defending yourself you can only kick them below the knee, at certain times, and before you can even do that you have to publicly disclose to the burglar how and when you intend to kick him"...
No problem... everyone here seems to think management isn't dealing with it just because they stopped publicly talking addressing it. If i were in managements position i would keep every move relative to the share structure secret as well. It would be beyond dumb for management to publicly spell out what they are doing to fix the problem... i mean, military leaders don't call up enemy leaders and tell them how they plan to go about winning a war do they? absolutely not... right now misdirection and the element of surprise are imperative to SPNG managements ability to deal with the NSS problem.
Take for example the increase in A/S- people immediately start thinking "dilution". Guess what, so do the people printing air shares. Hedge funds and other unscrupulous look for certain criteria when they target a security to NSS- the best targets are companys which are in the development stage and keep issuing shares to raise capital.
A couple years ago, SPNG probably seemed like the perfect target: it was a small start up with little money, the cleaning industry is one of the most competitive markets in the world, the company kept selling shares to stay afloat, and lastly, the company sold boring old "sponges". I bet hedge funds were licking their lips when they discovered SPNG. To them, it was an "easy kill", especially before RME started internal funding.
Think of it this way- It is much like a big bully (NSS) targeting the weakest geekiest kid on the playground (spng) day after day after day- however unlike all the other "geeks" (startups)that just gave up, this "geek" started working out and took up boxing. As the "geek" gets bigger and bigger, the "bully" starts to feel more and more threatened by the "geeks" growth, so he bullies the "geek" even more because it is all he knows...all the while the "geek" keeps on going to the gym and one day, shows up after school and pounds the hell out of the "bully".
Here's something else- It is interesting to look at the number of FTD's that occurred in the months following Michael Metter's public announcement that SPNG was the target of naked short selling. The number of FTD's WENT THROUGH THE ROOF. IMO, this was the hedge fund or whoever retaliating against the company for putting the spotlight on what they were doing. Unfortunately for the NSS, at this point SPNG now had all the money it needed thanks to RME. In other words SPNG was now "stronger than the bully."
I know this letter to investors is is old (June 2008) but it is really neat to read as it really puts into perspective how far SPNG has come in a little little less than two years time. Further, it is a clear indication of how honest and dependable management has been and how well they have held true to their word. IMO management has gone above and beyond in every way, and even addressed the NSS position which many on this board say over and over "doesn't exist...
---------------------------------------------------------------
NEW YORK, Sept. 15 /PRNewswire-FirstCall/ -- SpongeTech(R) Delivery Systems, Inc. (OTC Bulletin Board: SPNG) today delivers a corporate update and fiscal 2009 Q1 outlook to the shareholders. The past several months have been a productive as well as an extremely exciting period in our Company's growth phase. This update will expound upon the recent successes and what is to be expected moving forward in subsequent quarters.
Message from SpongeTech(R) CEO, Michael Metter:
Dear Shareholders:
As the Company continues to build off of a great 2008 year, we feel it is important to update our shareholders on events that are taking place within the Company and comment on the recent trading activity of our stock.
Management believes that our stock has been influenced by the illegal practice of "naked short selling". These people, or entities, are trying to undermine the shareholders' confidence in our Company, trying to induce you to sell your stock, and, in simple terms, hoping that if you do they will be able to buy back their short position sale at a significantly lower
price. They use detailed and complicated systems, and even sell from overseas through other exchanges, to sell nonexistent shares all day long trying to create a disparity between legitimate buy and sell orders.
These unscrupulous entities strategize to create stock price erosion in an effort to try to force us to continue to dilute the Company to raise funds. As you know, we have invested significant money into our Company and hold a large position in stock that is not registered and cannot be sold.
The float of the Company is significantly lower than the authorized and outstanding shares issued by the transfer agent. There are upwards of 300,000,000 shares that cannot, and will not, be sold into the market that could affect price dilution of our security.
We recently instituted a stock buyback program of over 25,000,000 shares, and we are evaluating the current market conditions surrounding our stock trading activity and expect to take action to rectify the situation.
The Company is in a very good cash position; our EBITDA is very strong and will continue to grow. Management is confident going forward and that the Company expects to see the same success across the children, medical, and household product lines that we have enjoyed, and continue to build, with both our automotive and our pet products. We will continue to expand all
our lines with our patented delivery technology, that coupled with an aggressive ad campaign will help us to reach our goal to be branded as the "America's Cleaning Company."
Following is a Corporate Update;
FINANCES
Un-audited revenue for the first quarter of 2009 ending August 31, 2008 were approximately $5,000,000, an increase of over $1,000,000 from the fourth quarter of our last fiscal year.
With our balance sheet and cash positions, we continue to greatly improve due to the increased sales of our products.
ORDERS
Confirmed signed orders for the next nine months of fiscal year 2009 are over $32,000,000. We are experiencing a strong demand in the United States and a very strong demand from international buyers as well.
MARKETING
Marketing efforts continue to provide new customers for our "Car Care" products. We continue to advertise and promote exploring many new possibilities such as NASCAR Racing, the Howard Stern Show, and the Chris Russo Show, venues that are broadcast on the SIRIUS / XM Radio Networks. We have formally introduced the Uncle Norman's(TM) Pet Sponge and we are very
optimistic that we will be able to announce new retail accounts for that product in the very near future.
We continue to increase our production capacity, purchase fabrication molds, and increase our sales and support team to handle our increased growth.
PRODUCTION
Independent sub-contractors using our patented technology and brand names produce our products here in the United States through our relationships with independent sub-contractors using our patented technology. As the Company enters into new product lines, we will be able to fulfill production capacity demands organically as well as new strategic relationships.
OPERATIONS
Under the SpongeTech(R) Delivery Systems corporate umbrella, we plan to operate SpongeTech(R) as five operating divisions as new products are introduced:
1) Auto Care Products
2) Pet Care Products (Uncle Norman's(TM) Pet Sponge)
3) Health Care and Beauty Products (Puddle Pals),
4) Household Cleaning Products
5) Bio Pharma Products
MANAGEMENT
Management is actively seeking other opportunities for its patented delivery system. Our Research and Development team are currently testing and evaluating new uses for our delivery system. We now have a staff of over 25 people who work with us on a daily basis. This in itself reemphasizes that we are prepared and determined to continue to grow at our rapid rate.
OUTLOOK
We are negotiating with additional major retailers who are now evaluating and "test marketing" our products. We will update shareholders if our proposals are accepted.
We continue in negotiations with a major supplier of Brand Name household cleaning products. Our discussions focus on SpongeTech(R) using its patented technology to produce various household cleaning products using the Brand Name of our prospective client. We are also negotiating the
development of various children's sponges including sponges using the licensing rights of some popular children's characters. Let me again say, while we are hopeful, there is no assurance of our entering into a final agreement with these clients.
We continue to evaluate and test our product delivery system using our patented technology in other products. These include suntan lotion, topical medical uses, beauty aids, and other hardware and houseware product solutions.
In conclusion, we are pleased and excited with our progress, look forward to continued growth this year, and will continue to communicate with our shareholders about our business as things develop.
Best Regards,
Michael Metter, SpongeTech(R) CEO
thank you ROB, Fish, and anyone i may have forgotten...i really couldn't care less if my mailbox was flooded with these PM's, its clear these "investors" are getting a bit edgy. I like seeing that, means they are feeling the heat...its time shareholders took back the forum.
Snuck back to ihub quickly haha...no worries its its all good, people just sending stuff like "keep your posts to yourself" and "you and everybody else are gonna learn the hard way, just you wait", blah blah blah... seems to me they really don't like people who take them on- and they really hate hearing the truth...i can't imagine what it is like being Z4L or one of the other regulars trying to keep their BS in check. Its just ridiculous the lengths some people will go to instill fear in shareholders. This website should be about investors helping fellow investors, not scaring the living @#$% out of them.
1) First of all, i didn't get a chance to check that out w/ Delaware so until i confirm it myself, it holds no merit. However even if SPNG did raise the A/S, so what? Why is this news being construed to indicate some sort of apocalyptic life-altering corporate nightmare? This is all we've heard from assorted people all day:
"OMG, lets all forget the 50 million in sales and buyback program... SM and MM club baby seals, take candy from newborns, and amend SpongeTech's A/S count from time to time."*
Seriously, what does this mean? The shares haven't been registered with the SEC, therefore they are no concern of mine. Just because somebody goes out and buys a ton of bullets doesn't mean they have malicious intentions. In fact, the last time they raised the A/S, management's only intentions were to enhance the value of the company by acquiring Dicon. In other words, they did what was best for the company/shareholders. For months we heard nothing but " the A/S is higher...the A/S is higher...the A/S is higher... the A/S is higher..." from certain posters. They didn't shut up about it. But then lo and behold, turns out they weren't diluting and everybody who ranted and raved just moved on to the next imaginary "problem" with the company.
2) To the numerous people on this board sending me an assortment of menacing private messages, cut the crap. (you know who you are) I have done nothing to you and sending me threatening private messages is not going to make me sell a single share. Plus its wicked juvenile.
My baby turned 21 today so i gotta run, but thank you again to everyone on this board whose time and effort ensures fiction does not become fact...Go SPNG. Have a good weekend everybody.
*Disclosure: Sarcasm
Haha, that is one sweet agenda :)
Haha, that is one sweet agenda :)
Haha, i'm not brilliant but i have moments of clear perspective- more bored than anything i suppose....It doesn't take much thinking- i mean, my nine year old brother knows SpongeTech is a real company. I took the day off to plan my gf's birthday today and i am just waiting for her to get back from shopping- sure you know the feeling seeing as you are rich and all... i suppose bickering endlessly about the existence of SpongeTech is kinda funny and way better than watching TV... I also like chatting about SPNG with other investors and i hear some of the people posting here get paid per response so i consider today a philanthropic endeavor. But enough about me, how about you, what brings you to IHUB? BTW, You seem like an experienced, knowledgeable and articulate fellow SpongeTech Delivery Systems Investor, and between you and me i am just a beginner. What are your thoughts on the future of SpongeTech and what is it about the company that made you invest so heavily?
For me it was the exponential growth rate and forward-thinking management team who have proven themselves time and time again in previous business ventures. I also like how in two years time, they have successfully branded their product, increased their product line to include over 40 patented and trademarked products, bought out Dicon Technologies without detriment to shareholders, and have done it all despite a dirty hedge fund trying to ruin everything. Is that why you invested?
Or maybe it was because you tried many of their products, were extremely satisfied and saw the potential for this delivery system? I know in my case that is why i ultimately increased my position, but i mean like i said, i am only 21 and new to investing.
I am sure a more seasoned and successful investor would have avoided this company after seeing the clean balance sheet, brilliant management team, timely SEC filings and financial reports now compiled with one of the most respected and trustworthy accounting firms in America, huge contracts with Viacom, the NFL, MLB, billboards, deals with big box retailers and big industry names like Reckitt Benckiser. IDK, looking back it was silly of me to invest in this soon-to-be-powerhouse of a cleaning company, i wish you had been there three months ago to save me from this travesty of an investment. I hated being able to pay off my student loans within 3 months of graduating. In fact, It makes me wanna puke, but my spongeTech sponge has enough soap to last until Nasdaq so its ok :)
whatever, i recommend brushing up on "The Wealth of Nations" by Adam Smith between now and the 10-K, because SpongeTech's invisible hand is really gonna hurt.
Thanks guys, i have come to really enjoy this board. SPNG was one of the first stocks i ever bought, and being new- and definitely naive, initially i listened to some people on this board that i now realize didn't have very good intentions...however, much to their disdain i assume, these deceitful posters are the reason i believe in my investment- they are the reason i did so much DD, and ultimately, i suppose they are the reason i am so positive i made the right choice by investing in the future of this company.
This stock and this board have been a blessing. Thank you to all who work tirelessly to keep this board as accurate and informational as possible... as well as those who keep me on my toes.
WOwwww.... people on this board are ridiculous today. I swear like 50% of the people here today don't even own this stock and yet they are "angry" with management because SM and MM aren't releasing a PR every time someone in the company poops. Are you people kidding me? I like that they aren't putting out PR's explaining who, what, how, why, when, blah blah blah... i don't need these people to hold my hand, honestly it would insult me. I am only 21, but I did my research, i bought/tried the products, i studied all the filings, i talked with the company, and made my own decision. Nobody can change my mind. They have a company to run people, deals to make, filings to file...try calling up the CEO of IBM, Google, Microsoft and demanding they explain everything to you because you bought $1,000.00 worth of stock at .02/share in the secondary market. Their college intern janitor wouldn't even entertain that call. Spongetech is an international corporation doing deals with big names, getting more done in a day than we do in a year, and building a company that makes more money in a month than most of us will ever see. MM and SM have got this whole "running a business" thing down. They are both multi-millionaires running several different businesses. SM has two or three and recently sold one for half a billion dollars. MM took a small local radio station, took it semi-national and it is now extremely popular, especially in the new york area. Heck even frank luzakus (spelling?) owns like 9 or ten domino's pizza's. These guys make absolute bank- they are not scam artists, in reality they saved this company's butt. Look at the timeline of events...you guys wanna know why SpongeTech didn't go under? it is because of RME... without RME the HF that targeted this stock would have succeeded in bringing it down until RME stepped up to the plate and gave SpongeTech a ton of money to realize its potential. The loans from RME were not shady at all, they were a godsend (and a big middle finger to whoever is trying to bring down the company at the time). rankly it amazes me that people are still running around saying this is a scam. If you really think this, don't buy the stock, don't buy the products, and don't post on this board.
BTW, i wouldn't be surprised in the least if the criminals who have been screwing with SPNG are in fact trying to initiate a hostile takeover just so they can run the company into the ground after acquiring it. It is probably cheaper than covering. When a hedge fund is looking at a situation like this there is nothing they won't do.
Good luck to every shareholder here, and good riddance to everyone else.
Thank you for explaining that Kung Fu... I'm new to OTC/ECN exchanges and still have a lot to learn regarding how the market operates.
as far as trades go, i see around 32 million sells & around 21 million buys for today, yet we are still up nearly seven percent. if this is true, doesn't this go against everything supply and demand dictates. I swear the market movers are hiding/altering the buy/sell numbers.
I don't have level 2 but it sounds like AYME is the Marker Maker buying back shares on behalf of the company- when buying back shares from the open market,a company can only purchase shares at prices less than the highest non-company bid of a given day. Also, a company buying back shares can only use one Market maker when buying back securities. From what i have heard on this board about the trading patterns of AYME, i'm pretty sure this is the company buying back shares.
i did a lot of research on the tricks used by market movers- i believe they widen the spread to dramatically slow down trading in high volume situations. Hmmm....
I feel like someone is trying to hide something...this is so weird
yeah that happened to me too, whats up with that?
RM, i will respond, but first, i encourage you and everyone else here to think about this:
Everyday we hear about "dilution this" and "dilution that" on this board. People often forget that these are called the capital markets for a reason- they were created so that companies can raise capital- not so individuals could swing in and out and make a quick buck. I honestly don't care if the company has to sell shares from time to time to fund initial growth, because if you are a true investor, you understand that it may pay off one day. You invested because you believe in the product, the concept, and inherently the management. I have very little respect for anybody who swings in and out of the market and then has the nerve to complain about a company.
To those on this board who are not invested for the long haul, management doesn't owe you anything. Zip, Nada, Zilch. If one has not taken a long position, you have not contributed to the continued success in any way, shape, or form to SpongeTech. In the words of WB, "according the name 'investors' to institutions and individuals that trade actively is like calling someone who repeatedly engages in one-night stands a 'romantic.'" (In my opinion, what is happening to SPNG is nothing more than statutory rape.)
To those of you who do not have a long-term investment in SpongeTech, management doesn't owe you expedited filings... they don't owe you stock buyback plans... and they certainly don't owe you answers, explanations or anything else. If you have not invested long-term in this company, you have gained so much and given nothing back. Its not right, but we let it go. However, If you have illegally shorted this company it will not be let go. You will not be forgiven nor shown mercy, because you have shown SpongeTech none. Some "investors" if you will, make a lot of money by attacking shareholders and entrepreneurs, cutting off their ability to raise capital, then leaving these businesses for dead along with the dreams of building something great. Then these unscrupulous individuals target another, and another, and another, leaving nothing but ruined lives and ruined investors. This almost happened to SpongeTech, but the comapany's management, much like it's true investors, are smarter and will prevail. To anyone deterred by the negativity on this board, think for yourself. If you have a question call the company, look it up using a trusted source, and don't let anybody change your mind. To SPNG investors who complain about having to wait for this or that, look at a 1-year chart and chill. Enough said. Complaining about SPNG's growth day to day is like watching the grass on your front lawn grow everyday and complaining that it never gets longer...yet for some reason, we are all outside mowing our lawns every weekend....
With all that in mind, here is my response- management obviously didn't want the Dicon deal to fall through... nobody knows how long SpongeTech and Dicon had been in talks. Maybe the deal was different at one point- maybe at one point Dicon wanted shares in SPNG rather than all cash, who knows... what we do know is that when all is said and done, it was an all cash deal.I actually looked into it- as i verify all the PR's i am able to, and raising the A/S is standard operating procedure for companies before an acquisition. Same thing happened in the Porsche/VW merger. It is an insurance policy against the deal falling through, and if they had needed to use shares to get it done. Thats fine. I, and any other true long would have done the same if it came to that.
Thanks to all who responded, i appreciate it... i was wondering because i think i read somewhere that on or after day 13 of being on REG SHO, any entity that fails to close out their position cannot trade in that security until they deliver shares. Is this correct? If it is, we could figure out a lot about which Market Maker(s) is/are doing these nasty things to our stock
Has anybody with level two seen NITE on the bid or ask today for SPNG?
Believe what you will. However, those who have any doubt should consider this when choosing who and what to believe:
On one hand, you can believe the posts of anonymous individuals who have openly stated that they do not own shares in the company, spend hours a day hating on the company, and cannot be held accountable for what they disseminate...or you can believe management who not only own a great deal of stock in the company, but also risk being held accountable by the SEC, FINRA and shareholders if they lie...management isn't lying, they have no reason to... and every reason to speak the truth...
True, but why spend the extra money...when growing a company, every penny counts- heck, with the money they saved they could buy back another 10,000 shares or so from RME
Ok, first of all, it has been 16 days total, not business days. IDK where you are from but government offices:
1)aren't open on weekends
2)are extremely slow when it comes to processing paperwork, or anything else really
Further, according to the Delaware Division of Corporations:
"Regular (non-expedited) work takes on average between 10 and 15 business days to process. However, due to the large amounts of work received in June and December, your document will take longer to process at these times of the year."
If they mailed it on the day prior to the PR,the 26th of JUNE, it would not reach Delaware until a few days later- lets say it gets there on the 29th which is more than fair. Now it has been less than ten days. As stated on the Delaware website, it will take longer than the normal 10-15 days to process paperwork. I think it is also important to add that over 80% of all publicly traded companies are incorporated in Delaware so this office handles an immense amount of paperwork, which takes an immense amount of time.
Once Delaware processes the paperwork, they have to notarize/certify it and mail it back to the company. That is another 3-5 days, at least. Once the company receives confirmation of the amendment to SpongeTech's articles of incorporation, they now have to forward this documentation to their transfer agent who will then cancel the shares. This stuff takes time people- i mean, it takes two or more weeks minimum for you or me to just get a new license, ect.
If one actually knew the process for amending a companies articles of incorporation, they would understand how involved it is...and further, understand how long it takes to get anything done- it probably takes about a month if not more, so relax...
Here is my take on what is going on right now...whether it is right or wrong i do not know (but i am pretty sure i am right):
To begin, there are very stringent regulations established by the SEC regarding companies buying back shares. Inter alia, one of these regulations stipulates that a company may only buy back shares at prices lower than the highest bid of the day. If you look at the day to day chart patterns lately, the pps very rarely goes higher than the opening bids (aka the highest bid of the day)which would allow the company to buy back shares throughout the day. Everyday after the initial morning drop, the share price slowly makes its way back up to the opening price, drops, and this pattern then repeats. In my opinion this is the company buying back shares... If people took the time to read and understand the strict guidelines relative to company buybacks (otherwise known as the "safe harbor" rule), and then looks at the recent intraday charts, it becomes plain as day as to what is really going on. THE COMPANY IS BUYING BACK SHARES LIKE THEY SAID.
Here is a hypothetical example: if SPNG opens at .14 and goes up from there, the company's ability to buy back shares would be extremely limited because of the regulation i explained above. However, if SPNG opens at .14 and drops down to lets say, .13(like it has been doing lately)the company is able buy back at any prices in between .13 and .14...
First, this letter is obviously fake, and even more so, Juvenile- I've worked in my family's law office since my freshmen year in college and i start at BC law this Fall. I have a good understanding of how the law works. First, no attorney would ever release this or allow it to be released. This would violate attorney-client confidentiality. Secondly, it would be signed- clearly someone with a less than honorable agenda drafted this with the intent to deceive others, however because they didn't sign it, it technically isn't forgery. It isn't signed because then the individual who authored it would have committed a serious crime (defamation and slander wouldn't stick because Spongetech would have to prove damages directly resulting from this act). Also, the firm isn't real- made up for the same reason- to avoid the possibility of liability.
Frankly i like that management is simply going about their business as they should (despite what some on this board want)- if they actually responded to this juvenile act it would irk me- first of all they have a company to run, and secondly, it would detract from their professionalism. These are business men. Very good business men who get results- they don't care what happens on IHUB, they care about growing the company. If anyone here thinks this forged document has any merit or weight to it they are sadly mistaken. From what i know, SM is a ruthless business man- more importantly he knows his stuff and as far as adhering to securities law, he has done everything perfectly. I certainly wouldn't screw with him- whoever has been manipulating this stock (and essentially trying to bring this company down)is in for a world of pain because this management team, especially SM, will not slip up. They will not fail, they will continue to grow exponentially, and the will get us to Nasdaq, and the criminals manipulating this will go down. Very Hard.
i just bought the spongebob sponge at an xtramart in Haverhill, MA, the thing is pretty awesome imo, it's really convenient to keep it by the sink and use it to wash your hands too...but i think Spongetech should include a little holder to keep handwashing sponges next to the sink...or even better, a mini spongebob sponge with a matching holder. My little brothers and sister would definitely make one of my parents buy it for the kids bathroom. Bet a ton of young kids would.
For what it is worth, Cramer mentioned a bunch of speculative OTC penny stocks just last week whose fundamentals are awful compared to SPNG... i think it is very possible that he would mention Spongetech- especially with all the success they have had in the last year alone...and by the way, the "D" rating for SPNG on thestreet.com is over a year old- the company is completely different now, imo they should update it- i honestly think thestreet.com just rates these OTC companies once and forgets about them, but this one is different...
*also, that pompous little wall street turd Tim Sykes, who is running around telling everyone to sell SPNG and is screaming "short SPNG" is heavily involved with TheStreet.com...no wonder it is rated the way it is...
Either way, while i don't usually watch MadMoney i will certainly be eagerly watching tonight...have a great weekend everybody :)