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What I can't believe is how many people would let their shares go through a 100:1 R/S without seeing the 10K!
I think that would be crazy.
JMO
I agree with you 100%.
I really can't believe how many people are defending the company actions. I held long in this stock and gave management the benefit of the doubt. But some timeyou just have to admit when you were wrong, if it walks like a duck and talks like a duck its a duck. In one week they hit ous with a 100: R/S, $4m dollar investment in a questionable company and a delinquent 10K.
JMO
5:29 and 59sec
Z4,
I do agree with you on that. It seems like everything spng has been doing is to shake out retail. Then AYME is there to grab all those shares. I know a lot of people would be angry over that, but know one ever said wall street was nice.
JMO
ID Supermoney,
I don't know anything about the shipment, but they have been selling medical sponges on their web site for at least a month.
LMAO!, I don't think he did. Looks like 4 sponges + a chamois!
$9.99 in the picture not $14!
I personally think the 10K is the big missing piece of the puzzle. There is a reason its been delayed, so its very good or very bad. I am holding my shares until I see the 10K. If the 10K contains what we think it will, 50M+ in revenue, 11M in profit and a lower O/S who knows what will happen to the PPS. Most of ous have been waiting for the 10K, so I can't say I would advise selling before its released. But you have to do what is right for you, and right for your risk level.
Of course this is just my opinion, best of luck to you on what ever you decide.
As I understand it you are correct. If the true o/s is 500m and there are another 1b air shares, they just have to buy 1b shares. It does not matter if they are real or not, so long as they meet the true o/s number.
Yes the company can cancel the R/S.
If they do not file the 10k by tues, they will be considered delinquent.
I watched the whole thing before, great presentation. Anybody who wants to understand more about NSS should watch!
Well thats why I wrote it that way, anything could happen. I think are biggest problem is the rule book on nss hasn't been written yet, the SEC just started to admit it even exist. You talk to ten different people and get ten different answers. I guess will just have to wait and see how this plays out, then we can see out of all the theories floating around here who was right. (probably none of ous)lol!
Next couple of weeks should be very interesting!
GLTY
P.S.
4500:1 WOW, and i thought 100: was bad.
SDBob09,
I believe a R/S will force the shorts to cover. A R/S makes ous exchange 100 of our current shares for 1 of the new shares. Someone posted an article about this, it stated that the only way to make nss cover is through a R/S. Wish I could remember which post, it was a great article. Guess I been reading way to many articles on nns to remember. Of coures all of this depends on if they even go through with the R/S. I have a theory on why they filed the A/S like they did, post #194586 if you wanted to read it.
JMO
I agree with you on that, but maybe they know something we don't.
Thanks Opus,
btw - read your reply this morning, glad you liked my post. I thought it was pretty funny myself!
Well I believe your right that the company can not buy above the ask, I really don't think AYME is the company.
As far as the buyout, unknown really. If they wanted to buy the company, they would only have to buy real shares no air shares. A buy out would cause the shorts to cover, maybe there trying to own air shares before they offer a buy out. Don't know if that would be legal.
My guess is AYME is a large investor, who knows something we don't. My guess is something along the lines of what we were talking about last night.
JMO
Pennyrich,
Read your reply this morning. Someone posted that a Div would not do it because the nns could just pay it to the share holder. Not sure if that is correct or not but I also read in an article that a R/S is the only way too.
JMO
Who knows,
A lot of people think that with a great 10k PPS would shoot up. But if nite and the rest keep knocking ous down who knows. IMO thats the reason to at least file for a R/S, try to get the shorts to cover.
JMO
LOVE IT!
2002 S281, and I put a kenne Bell super charger on it.
OVER 400HP
Well who knows, on a SS it might get to $4. Or the Nasdaq could waive the PPS requirement.
JMO
I think that is the big question. Its like were playing one big game of chicken. Who wins, time will tell.
No, someone else might. What I do know is AYME has been buying this up like crazy and I don't think their covering. Which tells me someone knows something, and I doubt their buying all these share to see them go through a 100:1 split.
Of coures that if is the R/S even happens. After todays PR im not sure. You can read my post #194586 if you want to about that.
This all just my opinion, with this stock anything could happen.
Well that would depend on if a air share could even be R/S, I don't think it can. Which is why I think they will cover before the R/S.
JMO
I really don't think it makes a difference. Lets say there are 1Billion naked shares, there would be 10m after the R/S.
10M into 2m is the same as 1B into 200m. But i really believe they would have to cover before the R/S anyway, if there is a R/S.
JMO
Well the company released a PR stating they were lowering the A/S to 300m for the R/S. DEL SOS shows that it already occured which caused a whole lot of debate over what the current A/S is. You can ask SpongieOpus what he thinks the current A/S is, he would love to answer that question for you. Good chance 10K will be released monday but at this point who really knows. Other then that not much.
Hope you feel better soon.
They could file it tuesday after hours and then PR the results wednesday pre market. But we should know no later then tuesday A/H.
10K will show current O/S as of the date filed.
300m x 100 = 30Billion
A thought about todays PR.
I find it odd that in the PR it states they are not reducing the class B or preferred stock. The reason for this in my opinion could be this:
We already knew that if they retired all RME shares the O/S would be under 300m. Class B and preferred would remain the same.
This leads me to still belive there is a good chance the R/S will not happen. If they decide not to do the R/S todays filing with the DEL SOS would still be valid. I thing its going to play out something like this:
When the 10K is filed, it will expose the NSS for good. They have to start covering due to the upcoming R/S. This will cause spng PPS to rise over $1. Then Spongetech releases something like, Due to recent events we feel a R/S is no longer necessary. We still get uplisted to the NASDAQ without a R/S.
Of course this is just my opinion, with this stock anything could happen.
If the R/S happens I agree with you. There are so many posters who think if the A/S is 900m after the R/S it has to be 90 billion now, which just is not the case.
What 10?
A/S is not included in the reverse split only O/S.
FTD's are not legal shorts, and will not show up under short interest.
Search for Failure to Deliver and Naked Short Selling.
I really doubt Spongetech could make it to the nasdaq without at least filing for a R/S. A lot of people keep posting that with a greak 10K spng PPS would rise close to $1. If history has taught ous anything that wouldn't be the case. NITE and the rest could just keep knocking ous down all they want. I am not saying that the R/S will happen, I think there is a good chance it will not. But we needed a cusip change to cause the shorts to cover and that is what a R/S does.
JMO
My point was spongetech could have baited NITE into shorting more stock. After 400m in volume yesterday and 150m today were still on reg sho, so we know they weren't covering. They released that PR at 6:00am, its like they wanted everybody and there brother to read it. We still don't even know if the R/S will happen.
JMO
NITE was probably shorting like crazy, especially since they released it at 6:00am. Maybe that was the point!
JMO
You are right,
Spongetech could own the entire O/S, the R/S could just be the way of exposing it. As far as the 100:1 I don't know, could just be having fun with the shorts.
JMO
The A/S is not included in the the R/S. 900m A/S now will still be 900m A/S after the R/S.
ID Supermoney,
You have to remember that management can raise and lower the A/S at any time. Does this mean they could issue more shares and raise the O/S, yes. But not too long ago the A/S for this stock was over 2.5 billion, and as far as we know management did not issue any more shares. I know this sounds risky but that is just how penny stocks are, and I have to say this is the most interesting penny stock I ever owned. You have to trust your investment or sell, management could raise the A/S to 10 billion if they wanted to.
JMO