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SHORTS ON THE LAM.......the NSS variety!
Good stuff. Thumbs Up!! /em
I think it is getting to the point where we need to hire a PI!! Or possibly, one of the people in business can call Bogdahn and pose a question for verification of SPNG's business...if they have an answer, then Bingo!!!
Mingy, hats off to your DD./em
Dicon is a wholly owned subsidiary of SPNG. SPNG has provided working capital for Dicon's operations. And by the by, Dicon acquisition by SPNG has been consummated.
3.1 Time and Place of Closing. The closing (the "Closing") of the sale and purchase of the Membership Interests shall take place by the Parties making all deliveries required under this Article III in escrow through their respective counsel on or before July 9, 2009 (the “Closing Date”). For all purposes, the Closing will be deemed to have occurred at 12:01 a.m., Eastern Standard Time, on the Closing Date.
And Walmart agreed to do business with SPNG!
SPNG is in far worse trouble than that other company was. That other company was never sent any notice, never investigated for a thing. And this one is.
WRONG!! The OS is 110MM shares out!!
Can you imagine a household sponge with a brand name cleaner like Clorox, or Lysol?CHAA CHINGGGGG.
Mingy, fair value of $3 based on annual revenue projection could be reasonable but that's not how market perceives valuations. In fact, if SPNG is 300-400 MM dollar company this year, it could be a Billion dollars next year. I guess what you have not factored into your equation is the Velocity of Sales i.e the rate at which Sales has been increasing. So if one considers this, plus a 5yr Net Present Value projection. I will not be surprised if SPNG opens at $10 at the opening bell.
So PPS = Fair Value + Market Perceived Premium = $10.
as high as 200%...depends on the product...whether it is a commodity or a unique product!
Yes, indeed that would be a quick way to OTCBB but I think they would need to clean up the share structure prior to doing that. Good idea.
Pike share transfers...interesting read......
On the date of the transfer. I believe, based on what happened with my
> broker, you can fill out the share transfer papers (off market
> transfer) at the closing price of any day in the preceding 30 days.
yup, u are right. will wait for the PR!
Probably, SPNG should do the same.....social media has a bigger impact!
Pepsi Skips Super Bowl TV Advertising for Social Media
anyone keeping a list of all the Walmarts that are carrying Spongebobs??TIA
GORT, what about papers being filed by EOD today or were you referring to ur X?/LOL!
Spooky42...there is no point sending me a PM as I do not have one and hence this open forum. To answer your question....it does not cost a penny to Naked Short a Penny or a Dollar Stock as long as the hedgies are successful in driving the company to bankruptcy......example: GFCI...in this case the hedgefund was located in Switzerland. Another one that is quite well known is REFCO which went belly up because of their huge NSS position. REFCO was a B/D.
Anyways, I guess putting out rules & regulations may not work as quite a few people on Wallstreet feel that the mind set must change. For this to happen these guys need to be locked away for good behind bars!!
It is getting readied to Explode. IMO.
Extremely low volume of SPNG trades....float is gone...kick off into low outer Orbit on Super Bowl day!
iBox..LOL!!! Section 13a-1,11, & 14.....got to laugh......SEC is holding up the reports!!!
Both DTCC & FINRA are private companies but look at their membership (Board)...they are all primary B/Ds, clearing houses....and keep in mind these are the guys who give out loans to 2nd and 3rd tier B/Ds, hedge Funds, etc.......... Somewhere in there SPNG got entangled!!
if B/Ds are being penalized that is good news but then who is going to take punitive action against FINRA, SEC and DTC. In the case of SPNG, somebody dropped the ball!!!! The system needs to be overhauled!!!
SPNG -----> TA -------> DTC, B/Ds >>>>>> these entities are supervised by FINRA & SEC.
I believe the TAs license should have been suspended.
No that pandemonium is not good especially so when they are settling the Wells Notice with the SEC. When the O/S is known and there is no Bid/Ask, there is no orderly market neither is there transparency in the market (as there is no B/A) besides the fact there is no business data available (delinquent filings).
Excellent point. That's why the hedgies are jealous of RME and hate the fact that SPNG has a profitable business model.
Look up convertible debt deals and how hedge funds short and look to cover into the dilution!!
WELL GORT IS NOT SNORTING ANY MORE!!! SO THAT MEANS WE MAY GET NEWS!!
how do you know it is an error?? the footnote 'Subject to Audit' is an imperative...under any circumstance. the jury is still out!
That's one heck of a rounding error!
that's conjecture on your part isn't it???
However, it interuppted their sale
of shares to fund their operations as indicated by the bounced checks, both by
This from their 8K..........................
On December 24, 2009, the Staff of the U.S. Securities and Exchange Commission (the “Commission”) sent a written Wells notice, which was received on December 28, 2009, to each of SpongeTech Delivery Systems, Inc. (“SpongeTech”), Michael L. Metter, SpongeTech’s Chief Executive Officer, and Steven Y. Moskowitz, SpongeTech’s Chief Financial and Chief Operating Officer. The Wells notices advised that the Commission Staff intends to recommend that the Commission bring civil injunctive actions against them alleging violations of the federal securities laws contained in Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933, as amended (“Securities Act”) and Sections 10(b), 13(b)(5) of the Exchange Act of 1934, as amended (“Exchange Act”) and Exchange Act Rules 10b-5, 13b2-1, and 13b2-2 thereunder; and Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Exchange Act Rules 12b-20, 13a-1, 13a-11, 13a-13, and 13a-14 thereunder. The recommended actions would seek, among other things, permanent injunctions and civil penalties.
Under the Wells process established by the Commission, SpongeTech, Mr. Metter and Mr. Moskowitz have been offered the opportunity to submit a written or videotaped submission to the Staff setting forth any reasons of law, policy or fact why they believe that the civil injunctive action should not be brought or bringing forth any facts to the Commission’s attention in connection with its consideration of these matters (a “Wells Submission”) before the Staff makes its formal recommendation to the Commission regarding what action, if any, should be brought against them. SpongeTech, Mr. Metter and Mr. Moskowitz are consulting with their counsel with respect to these matters. There can be no assurance that the Commission will decide not to bring actions against them, nor can SpongeTech predict the outcome of any such action(s), if brought.
SpongeTech does not anticipate any material interruption in its business operations by virtue of the Wells notices or any action(s) that may be brought by the Commission. SpongeTech will continue to conduct its operations in the normal course of business, including receiving orders, shipping its goods and servicing its customers and suppliers.
Wrong, these were not the SEC words. Quit misleading people.
The SEC has laid claim to cooked books (fake sales revenues) and market manipulation (pump and dump). If the sales are fake, so all all the intended uses of the monies they never really received.
"- Could it be possible, Pike is one of the biggest 3rd party accredited investors that struck a deal with SPNG to purchase unregistered securities? Before June 12, 2009? (Totally legit, BTW)"
They would have reported it in the filings, just like they did with RME placement.
"- Is it than possible, he sold those illegally registered securities (unknowingly) into the open market since he had a letter (forged-unbeknown to him) from the issuer, SpongeTech?"
The shares were never registered! So I don't know what you mean by illegally registered??? Probably you do!
"- Finally, with the whole SEC debacle unfolding back in October (before the suspension), is it possible his legal counsel advised him to repurchase everything he has ever sold, to cover his ASS[ets]? "
Cover his ass! You are kidding. Right? Once sold, they are sold! Can't turn the clock back!! The guy sold unregistered shares!!
Your theory has lot of holes!
I can understand your frustration & anger with M&M. In my books, certainly they are not the best management duo. I believe it is time to move on...replace the duo and let the company grow. IMO
that's U saying and that's one person. The SEC has sent SPNG a Wells notice which merely states that civil actions will be taken. And SPNG states that they do not anticipate the Wells actions to affect the normal day to day business. So it is your word against theirs.......I will go with theirs!!
No, U should be reading their current SEC filings, like the 8K...... does that make sense???
Hasher, their address is 10W 33rd Street....
follow the link...............
http://www.sec.gov/Archives/edgar/data/1201251/000114420409067083/v170343_8k.htm
10 West 33rd Street, Suite 518
New York, New York 10001
hasher, what do u make out of this???????????????????
Details:
* Tenant Name: SpongeTech Delivery Systems
* Street Address: 10 W. 33rd St.
* Square Feet: 6,500
* Asking Rent: $39 Per Sq Ft.
* Lease Length: 10 years
* Market: Midtown
* Submarket: Penn Plaza/Garment Distric
* Borough: Manhattan
* Brokerage Firm: Adams & Co. Real Estate
* Author: Amanda Fung
* Landlord Broker: David Levy
* Tenant Broker: David Levy
2009 dated article.........................SPNG is paying rent, $253500 per annum
Swelling SpongeTech soaks up more space
By Amanda Fung
Published: May 12, 2009 12:00 AM
Fast-growing retail sensation SpongeTech Delivery Systems has filled up every nook and cranny in its current office space and is moving down the block to 10 W. 33rd St.
The Manhattan-based maker of sponges preloaded with detergents and even car wax—for cleaning everything from pets to cars—has signed a 10-year lease for 6,500 square feet at the Fashion Accessories Center. The asking rent for the partial fifth-floor space was $39 a square foot. SpongeTech plans to move out of its current 1,500-square-foot office at 43 W. 33rd St. by the beginning of June.
“We have run out of space,” said Barry Kolevzon, executive vice president of SpongeTech, which has within the last year tripled its head count to 18 employees. The growth was aided by aggressive nationwide ad campaigns. “We need to keep up with demand and handle sales growth.”
Founded in 1999, SpongeTech also wanted to remain near the Empire State Building and good rail and subway connections. “They’re comfortable with the location,” said David Levy, a principal of Adams & Co. Real Estate, the building’s landlord. Mr. Levy worked directly with the tenant on negotiations.
Details:
* Tenant Name: SpongeTech Delivery Systems
* Street Address: 10 W. 33rd St.
* Square Feet: 6,500
* Asking Rent: $39 Per Sq Ft.
* Lease Length: 10 years
* Market: Midtown
* Submarket: Penn Plaza/Garment Distric
* Borough: Manhattan
* Brokerage Firm: Adams & Co. Real Estate
* Author: Amanda Fung
* Landlord Broker: David Levy
* Tenant Broker: David Levy
Entire contents © 2009
that's different from what SM's email indicated...they are already receiving royalties from Taikone!
?????/
I was referring to SEC required filings such as 10K, 10Q, 8K, etc....
If one does not believe in the SEC filings, one need not invest in stocks. And I guess the general market sentiment is saying that as the current strategy of investment is changing from buy & hold to buy & sell. Frankly speaking the SEC sucks! IMO>
They talk about the acquistion, but they never released any more information about it. There website just states:
SPNG recently acquired Dicon Technologies. The acquisition of this research and development arm has further bolstered SpongeTech®'s dominant position in the market.
Thanks for your insight but the race has not begun!!