Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
"Sorry, but the SEC didn't suspend SPNG months ago if they didn't have proof. The Wells Notice didn't get issued without proof."
Right, that why every trial in this country the out come is always guilty as charge. NOT
Since they are under investigation, I am sure that their attorney has advised them to remain mum until this mess is cleared up.
Facts on the Wells notice in bold
"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."
There is no assurance they will or no assurance there won't be any action taken.
Sure seems like business as usual
Things are good. I hope the best for you.
Raw good to see you are still going strong.
I don't have private messaging, and I am limited to 3 a day on the other board.
drug
No, the only plausible reason, is that it takes a long time to go over 3 years of busniess.
The current auditors ate still on the job. I haven't seen anywhere where they quit have you?
Let your imagination run wild to the possibilities:
Light weight and easy to carry
- a sponge filled with biodegradable soak, that fits in a tackle box for fisherman.
-a sponge filled with biodegradable soak for hikers and campers
- a sponge filled with insect repellent for hikers and campers
- a sponge filled with sun screen to carry in your beach bag
- a sponge filled with antibiotic solution that fits in a first aid kit
- a sponge that fits in a woman pocket book she can use to clean her childs face at a playground or before an event
- a sponge filled with anti itch solution (poison ivy , oak etc) for hikers and campers
- a sponge filled with biodegradable shampoo for hikers and campers
- a few mini sponges with a few doses of (1) with shampoo (2) with soap and (3) with body lotion for every hotel chain in the world instead of tiny non green plastic bottles.
The possibilities are endless.
Unlike common sponges the dander and dead skin is not absorded into the SPNG sponge.
"SpongeTech® uses an innovative and patented nonabsorbent “sponge-based” technology that allows us to embed dehydrated active product ingredients right into the sponge “package” but keeps dirt out of the sponge. Other technologies are also utilized."
The problem with microwaving the sponge it may kill the bacteria but it will still leave the scrum baked in the sponge behind.
Let your imagination run wild to the possibilities:
Light weight and easy to carry
- a sponge filled with biodegradable soak, that fits in a tackle box for fisherman.
-a sponge filled with biodegradable soak for hikers and campers
- a sponge filled with insect repellent for hikers and campers
- a sponge filled with sun screen to carry in your beach bag
- a sponge filled with antibiotic solution that fits in a first aid kit
- a sponge that fits in a woman pocket book she can use to clean her childs face at a playground or before an event
- a sponge filled with anti itch solution (poison ivy , oak etc) for hikers and campers
- a sponge filled with biodegradable shampoo for hikers and campers
- a few mini sponges with a few doses of (1) with shampoo (2) with soap and (3) with body lotion for every hotel chain in the world instead of tiny non green plastic bottles.
The possibilities are endless.
The importance of a delivery system:
Generic Lopressor (short acting metoprolol) pennies Toprol (long acting metoprolol) dollars.
Oxycodone pennies oxycontin a lot of dollars.
Those that think SPNG is dead:
Many experts thought that with 60 democrats senators that there would be no way that health care would not be passed.
Many stated it would be impossible that Mass would elect a republican senator.
No one gave the Jets a chance in the playoffs.
Many thought that SPNG would be sub-penny by now.
As Yogi Berra says "it ain't over till it's over"
For my basher friends let's throw this theory our there.
Pike shorted millions of phantom shares, as the SEC closed down on SPNG he realize that he would be caught with his fingers in the cookie jar.
To protect him self he must cover with real shares. So he is buying up as much as he can. Not because he wants to because he has to.
Hasher, I glad your're seeing the light. ha ha ha ha
If it was the Yankees I would be concern, but the Mets HA HA HA!
Here is an business that can't communicate within it's own organization (check out the Beltran news). A 100 million dollar investment and the right hand doesn't even know what the left hand is doing.
Could there be an honest mix up here. You bet there could.
Season ends in October Sponge stops paying in October. Funny how the Mets can charge for advertizing when there is no one there to read them. Maybe Sponge thought they were paying for the season.
While under SEC investigation:
SPNG signs a 3 year deal with the bobcats.
New products become available (Dora the explorer)
Spongebob sponge reaches number one at Amazon, the number one internet market place.
Pike increases his stake to 22%.
Position Long and Strong
I don"t know about you but I have been making money here.
Not opinion, Fact:
From the 8k an official SEC
doucument.
"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."
Not opinion, Fact:
From the 8k an official SEC doucument.
"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."
Message to all SPNG longs.
Make a New Years resolution.
Stop feeding the bashers. What will be will be. Like the rest of us they don't have a clue how this will play out.
As in my case and yours. it is our money, our risk.
We all come in with eyes open, knowing that in penny land the chance of failure is much higher than the chance of reward.
As far as the SEC investigation, many on the board, shout out that if found guilty it is the end of the world for SPNG. Let me remind them of a company named Rite Aid. The Rite Aid management was found guilty of cooking the books. Several of the senior management team were convicted and sent to jail. What happen to the company? A few years later Rite Aid with a very low credit rating went out a brought the Eckert pharmacy chain for over a billion dollars.
The point is that business can go on as usual even if a management team is convicted of a crime.
SPNG, has sign a three year deal with the bobcats after the SEC investigation was announced. Not only are they selling product but the Spongebob sponge has been the number one in it's class for awhile at amazon (one of the largest on line retailers in America). When the car washing season was in full swing the car sponge was also a very hot item. We have yet not even tapped the surface of the many products that will take advantage of SPNG delivery system. It's has signed a deal with Marvel.
IMHO, I thing 2010 will be a good year for SPNG. Time will tell.
I wish you all good health in the New Year, if you have good health you can always make money.
Got an e-mail from norm, pushed back til Jan.
Share price being held between 4 to 5 cents, 4 to 5 cents, 4 to 5 cents.
Why?
IMHO, because, when they do file, they will do their 100 to 1 reverse split, get their 4 dollars a share, and leave penny land behind them.
What we really know.
The current auditors that was doing the 09 10k are still there. Their audit of 50 million in revenues is not in question.
The audits in question are from 07, 500,000 in revenue and 08, 5 million in revenue.
The issue isn't where the 50 million is coming from, but where the 500,000 and 5 million came from.
Is it true people really think it can hit $25?
If a 8 dollar toy rodent can sell for 80 dollars on ebay.
Why not?
If you were worried about SPNG becoming compliant with SEC you can now stop.
Marvel agreement signed after the SEC investigation.
Read: form 8k line 19 section k Code of Conduct
10k will be coming.
If you were worried about SPNG becoming compliant with SEC you can now stop.
Marvel agreement signed after the SEC investigation.
Read: form 8k line 19 section k Code of Conduct
10k will be coming.
Let's see what we learned so far.
a) Since going one the Gray Market the volume of this stock is trading like a company with 300 - 700 million O/s shares, not like the 1-3 billion type volume when it was unrestricted.
b) Company has added several new products, since being suspended telling us that they plan on keep doing business.
c) Since going on the Gray market, price of stock has remained stable in the 4-6 cent range. MM unable to play games with the stock.
d) Major hedge fund believes it is worth the risk.
e) Company continues to advertise in new venues, showing us business as usual.
Position long
Projection 1 to 3 dollars by June 2010
Appreciate the opinion.
Another question for you. If you believe that this is going to end that way. What do you believe is the reason the company is continuing to expand it's advertising base? And why do you think that GEFU settled with them? For that matter why pay out the other 2.7 million to GEFU?
Legal You seem like an intelligent person.
How long to you think it should take for a audit company to reaudit 2 full years of someone else work? Carefully reviewing each invoice knowing that the report will be closely scutinize by the SEC.
If the gray market is the cemetery for stocks.
Why are there so many people kicking this dead dog?
Only one answer. They are afraid it will rise from the dead.
No q has ever been added to the symbol.
I called the company earlier today and left my phone number and e-mail address..
If I get any reply I will relay it here
Your probably right, but at least the doors are still opened.
Any word how the bankruptcy is going?
They are still paying someone to answer the phone.
That you opinion, this where I get mine:
SEC website:
When can the SEC suspend a stock from trading?
When it serves the public interest and will PROTECTS INVESTORS, the SEC may suspend trading. For instance, the SEC may act when public information about a company is NOT CURRENT, accurate, or adequate. The SEC has acted when serious questions arose about a company's assets, operations, or other financial information.
BASIC MATH
De license accounting firm + plus several short complainting to SEC concerning overseas buyers + trading patterns vs O/S share claims = SEC investigation.
SEC investigation + negative news articles + patchman + panic selling = Stock being suspended.
Lesson of the day.
Just because you can see the 5 oversea buyers, like oxygen doesn't mean they don't exist.
The half filled kool-aid version of the SEC halting of trading.
The SEC halts the trading of a stock for one reason,
TO PROTECT THE PUBLIC.
The owners of SPNG stock are the public. The SEC might have halted the sale of SPNG stock to protect the stock holder public from having their position wiped out by the panic selling caused from the investigation announcement, newspaper articlea and law suits filed.
The SEC has halted trading in the past of the entire market during panic times to allow calmer heads to prevail.
And it seem to work as the stock price has leveled off since trading resumed.