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My Scottrade now shows previous close at .152
No doubt we are popping. We have a lot of interest here, and rightfully so. We are on the ground floor of a stock that will be life altering for many.
Wadi, you're fighting a losing battle here. But, I will say he will have met his match and then some, so go for it. SPNG is a winner and nothing anyone can say will change that, but they will keep trying. Too many long and strong shareholders here, and we have heard all this so many times before, so we're not going anywhere except to the beach when we are rich.
Well, that went way beyond a hint and into the reality stage. lol There you go folks, you heard it first right here. Thanks ROB. That will be a big day for all of us.
Yeah, you're right, you said it before.
I think it is becasue the Company must be finished buying shares.
Oops, OK gotcha. Thanks
As slow as it was today, will be hard to believe they didn't have time to post every sale, so T-trades you gotta wonder about.
Posted on Yahoo: I thought the phrase was catchy:
Accumulation under the guide of weakness... and distribution under the guise of strength. Its what the MM's are doing. Distribution will be coming shortly. They will start a rally.
Just wish it was sooner then later.. its really BORING to watch this move sidways but in a way its good because they are forming a very solid base for a big rally.
Yahoo chartists calling for a big rally starting anytime. I'm game.
With the much smaller volume today, has the Company finished buying shares? If so, then it's time to start going up in preparation of the bomb.
Bob, everything you sqaid I agree with, almost. First of all my post was not a question but a statement. Now let me try to explain what I understand to be the way it works. A normal short will sell a share of stock that he does not currently own, but his intent is to buy a share at a later date and hoping that the stock falls in price, he can buy at a cheaper price than he sold for and pocket the difference. Fine and dandy.
A naked short will sell shares of stock with no intention of ever buying shares in the future to cover the ones he sold. His hope is that by manipulating the stock and its sale price, he can wait until the company goes broke and never have to cover those illegal shares he previously
However, rarely, but sometimes they will naked short a company who fools them and actually becomes a profitable and growing company with a strong future. Now at some point they will have to cover the illegal shares they sold originally. They do not have to buy a legit share to cover a naked short, they only have to buy up shares and return them to their brokerage and tell them to mark those shares off the IOU that was given when they sold the original naked shares. This in effect eliminates that number of shares from the system. If they were air shares then buying them back does not affect the float. The float is based on the legitimate number of shares issued by the company and is the number of shares that are available to be traded in the open market. Air shares do not figure into that number. Since nobody can really claim that their shares are air shares or legit shares, buying up air shares does reflect demand and can increase the share price in the market, so that part of your statement is correct.
What I am saying is that if the company PR's a 500 million share Outstanding, and we know that at least 250 million of that is RME shares and are restricted from trading, and assuming that the other 250 million are owned by management and friends and are logically not being traded, then it is impossible for as much as 500 million shares to be traded in a week unless there is a huge naked short position. If some choose to believe that the company is out and out lying about the 500 million shares Outstanding, then there is nothing I can say to that except, get real.
There is a short position here and it is huge, and while some MM's may be playing the stock for gain (what is happening is far beyond playing the stock, it is clear manipulation for the purpose of gain or for the purpose of cover up), the up and up MM will just do what is needed to maintain liquidity in the stock price.
My opinion, but I think it is the opinion of most here.
If there is no short position in this stock, then why would MM's manipulate the stock to hold the price down? If there are no shorts, who would want the stock held down. It shouldn't matter to a legit MM if the stock was trading normally and on its own fundamentals. Maybe I'm crazy, but for someone to say there is no short position is mind boggling. Is there anyone who doesn't believe the stock is being manipulated? You would have to be blind or lack any knowledge of trading to think so.
SD, great post. I have one disagreement though. You said that when the shorts cover it is the equivalent of two shares being bought. Now I may have misunderstood you, but shorts in order to cover do not have to buy a legit share. All they need to do is buy up all the air shares they originally sold and tell their brokerage firm to take them and mark off their IOU. They have to eliminate those air shares from the system. So they buy my 3 million air shares, pay me what I want for them, and then mark 3 million shares off the IOU they gave to their broker when they originally shorted them. If that is not what you meant, I'm sorry. It was just the way I read it. Still great post.
Is it possible that since Nxgh has products that service the medical fields, that the FDA approval we are waiting for is for one of their products?
I have a hypothetical question for the board. Say the Company somehow reduced the O/S down to 20 million shares.
1. Can they halt trading on their own stock in order to re-evaluate their share price based on the drastic reduction in O/S?
2. Who could apply a P/E ratio based on the new O/S, could the company apply their own P/E if the 20 million shares were all owned by the company?
3. Could they then reopen at the new adjusted share price?
Just wondering?
Yeah, but I think their bag is running low and about to run out. Their tricks aren't working too well anymore. We seem to be getting smarter as we go. Huh? lol
True Carpe, if you're crooked, it won't take 56 years for someone to catch you, lol.
From last years 10K, their CPA Drakeford was also the auditor:
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
We hereby consent to the incorporation by reference in this Annual Report on Form 10-K of Spongetech Delivery Systems, Inc. for the year ended May 31, 2008 of our reports dated August 25, 2008 included in its Registration Statement and to the reference to our firm under the caption " Experts" in this Registration Statement.
/s/ Drakeford & Drakeford, LLC
Drakeford & Drakeford, LLC
Certified Public Accountants
554 Duncan Road
Royston, Georgia 30662
August 29, 2008
OK one more question, how do I get the Investor package of sponges.
Thanks ROB, so is the Kitchen, Tub & Tile sponge the same as the Dog Bowl Cleaner sponge?
I am definitely ready. lol
Wonder why they are not sold on the company website?
Where can I order the Pet Bowl Sponge? I don't see it on the co website. I heard someone say it was good for the kitchen. TIA
Don't forget everyone, that Signature Fund filed 13G with 41 million, and Joel Levin did the same. So out of the 500 million, you can deduct 80 million in the hands of those two. That leaves 420 million to be distributed to RME and common float, assuming Signature and Joel still have all their shares. I think I read that if their holdings change, that have to file a notice of change, but I might be wrong.
Does anyone know who AYME is buying for?
Type of Fund: Private Equity Fund
Format of Fund: Ohio Limited Partnership
General Partner: Signature Management, LLC, managing partner, Douglas G. Furth
Soapy, is that right. Have you already gotten the rights to the best selling novel of SPNG? You rat, lol.
More power to you Myth, you'll be a millionaire.
CYRX, just curious for my own benefit. What are you going to do when the stock hits $4. How much are you going to think "What if it doesn't go any higher"? That is my problem. The unknown. If I sell my 3 million at $4, thats 12 million dollars. That is a lot of money. What if the SEC steps in and works a truce down to $2. Not being negative, just scared of what to do in that scenario.
I agree, and if there is any shares to go at $50, it will be to the last man standing. That will not be me, but to whoever it is, congratulations. Yeah, I worry about all those responsible running out of money, that is why I will probably cave too soon.
Somebody ought to be able to write a book about this stock.
OHHHHHHH, I love that dream. Make it happen.
Bob
Nothing wrong with that. I was saying to another long and big shareholder today that I couldn't believe that this could ever move like the VW/Porsche squeeze and realize numbers into the double digits, and he said to me:
Sometimes things are hard to believe because they are not what we can imagine. You are going to get way more than 10 dollars. I won't tell you what to do, but I will try to get out around 50 plus dollars per share.
Hard to wrap my mind around that, but then again, think about IPO's where people are multi millionaires with 2 hours of the launch of an IPO. So it can happen.
The way I understand it is that the cover can't be over until all air shares are covered. The brokerages know who has how many air shares and if it gets down to say 3 shorts who haven't covered all the shares they shorted, then they will just have to check with brokerages to see who has shares left to sell. Then they would need to bid what the sellers are asking, or contact them to try to work a deal.
No way to calculate, and yes it does depend on what people will sell for. Most will sell at under $1 and they will make a good return. But there are some who will hold for dollars and those are the ones with strong fortitude. $1 or $2, I'm OK with, after that, nerves start working against me, but I will try to be strong, I will try to prevail, I will try to become one of the elite rich. Can I do it? Hell, probably not.
Drew, I can't practice for that. The only way to handle it is to get soused, pass out, and then wake up when the share price is already at $10, then sell. That takes the pressure off. lol
Jand, if squeeze was at .75 in minutes, think what it will be at in hours. $10, $20,......... Who knows but it could fool all of us. Problems is going to be holding out til it gets there. $3, or $4 and I will be shaking, let alone $10, or $20.
Your humble opinion, is my humble opinion JT.
You bet Dreamgirl. I had a dream last night and the numbers were much higher than I have been thinking. So, let's finish out this week with a bang and next week finish this deal up. I am ready to PARTY!!!!!
Crash, I think SM did all that just to give you something to post. However, he doesn't have to tell us everything just because we get nervous. The best way to handle negative comments on a message board is not always to reply to them. Sometimes no answer is the best answer for the company's sake.