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SPNG Germany: can somebody repost the link please?
I agree 1000% on the 10-K
We need it bad.
I already send my mail to management asking to publish the 10-K as soon as possible
Not publishing the 10-K can not be part of the masterplan!
Lets mail management to get the 10K out! Mail investorrelations and management.
Info from the www.spongetech.com website:
Reverse Stock Split FAQ's
What is a reverse stock split?
A reverse stock split reduces the total number of a company’s issued and outstanding common shares. As a result of the reduction in the number of common shares, the price per common share is intended to increase upon completion of a reverse stock split.
With a reverse stock split, a shareholder has fewer, but higher-priced, shares, intended to keep the total investment the same when the market opens on the date the reverse stock split becomes effective.
How will the reverse stock split affect the stock price? Will the value of my SpongeTech® stock stay absolutely the same after the reverse stock split?
Although the reverse stock split is intended to increase the stock price per share, SpongeTech® cannot predict what the stock price will be after the reverse stock split is effected. As always, SpongeTech®’s stock price is subject to overall market conditions and SpongeTech®’s future financial results. SpongeTech® cannot assure that the price will rise in proportion to the ratio of the reverse split and the ultimate trading price might be higher or lower than expected.
Why has SpongeTech® Delivery Systems effected the reverse stock split?
The purpose of the reverse stock split is to increase the per share market price of SpongeTech® stock, enabling it to qualify for a listing on NASDAQ, which SpongeTech® believes is in the best interests of all shareholders. SpongeTech® believes that the reverse stock split will also enhance the desirability and marketability of SpongeTech® common stock to the financial community and investment public. In addition, SpongeTech® believes it will help mitigate the reluctance of certain brokers and investors to trade in SpongeTech® common stock at pre-reverse split prices.
What is the exchange ratio for the reverse stock split?
The reverse stock split exchange ratio will be 1-for-100. Thus, every 100 common shares will become one common share and 100 shares trading at, for example, $0.20 before the split will become one share at $20.00.
When will the reverse stock split become effective?
The reverse stock split is expected to become effective as of 5:00 P.M. on Tuesday, September 22, 2009, subject to the receipt of necessary regulatory approvals. For trading purposes, the split is expected to become effective on September 22, 2009.
How will fractional shares of SpongeTech® be treated in the reverse stock split?
No fractional shares will be issued. Any fractional share which might result from the reverse stock split will be rounded up to the nearest whole share.
Will the CUSIP number for SpongeTech®’s common stock change?
Yes, SpongeTech was required to obtain a new CUSIP number in order to effect the reverse stock split. The new CUSIP number for SpongeTech®’s common stock will appear on the new stock certificates.
What should I do with the shares of SpongeTech® that I currently own?
If your SpongeTech® shares of common stock are held in a brokerage account, your broker is authorized to exchange the shares for you and the number of shares you own after the split should be reflected in your account. You can contact your broker for more information.
If you hold the stock certificates yourself, you will receive a letter from SpongeTech®’s transfer agent outlining how you may exchange your certificates for new certificates. You should receive the information in the mail in about a week after the reverse stock split takes effect.
Whom should I call if I have questions regarding how the reverse stock split will impact my shares of SpongeTech® common stock?
If you are a beneficial shareholder (in other words, if you hold your shares through a broker, bank or other nominee), you should contact your broker, bank or other nominee directly. You can also contact SpongeTech®’s investor relations consultant, Lippert/Heilshorn & Associates, at hfried@lhai.com or 212.838.3777.
What is the effect on existing shares of SpongeTech® common stock?
The proposed reverse stock split would affect all of SpongeTech®’s stockholders uniformly and would not affect any stockholder’s percentage ownership in SpongeTech®. Voting rights and other rights and preferences of the holders of common stock will not be affected by the reverse stock split.
What is the impact of SpongeTech®’s reverse stock split on Class B stock, preferred stock, options, warrants and other stock-based awards?
The same 1-for-100 reverse stock split ratio will be used to effect the reverse stock split of SpongeTech®’s issued and outstanding common stock, its Class B Stock and preferred stock. Accordingly, all stockholders will be affected proportionately. Options, warrants and other stock-based awards will be adjusted on a similar basis.
Info from the www.spongetech.com website:
Reverse Stock Split FAQ's
What is a reverse stock split?
A reverse stock split reduces the total number of a company’s issued and outstanding common shares. As a result of the reduction in the number of common shares, the price per common share is intended to increase upon completion of a reverse stock split.
With a reverse stock split, a shareholder has fewer, but higher-priced, shares, intended to keep the total investment the same when the market opens on the date the reverse stock split becomes effective.
How will the reverse stock split affect the stock price? Will the value of my SpongeTech® stock stay absolutely the same after the reverse stock split?
Although the reverse stock split is intended to increase the stock price per share, SpongeTech® cannot predict what the stock price will be after the reverse stock split is effected. As always, SpongeTech®’s stock price is subject to overall market conditions and SpongeTech®’s future financial results. SpongeTech® cannot assure that the price will rise in proportion to the ratio of the reverse split and the ultimate trading price might be higher or lower than expected.
Why has SpongeTech® Delivery Systems effected the reverse stock split?
The purpose of the reverse stock split is to increase the per share market price of SpongeTech® stock, enabling it to qualify for a listing on NASDAQ, which SpongeTech® believes is in the best interests of all shareholders. SpongeTech® believes that the reverse stock split will also enhance the desirability and marketability of SpongeTech® common stock to the financial community and investment public. In addition, SpongeTech® believes it will help mitigate the reluctance of certain brokers and investors to trade in SpongeTech® common stock at pre-reverse split prices.
What is the exchange ratio for the reverse stock split?
The reverse stock split exchange ratio will be 1-for-100. Thus, every 100 common shares will become one common share and 100 shares trading at, for example, $0.20 before the split will become one share at $20.00.
When will the reverse stock split become effective?
The reverse stock split is expected to become effective as of 5:00 P.M. on Tuesday, September 22, 2009, subject to the receipt of necessary regulatory approvals. For trading purposes, the split is expected to become effective on September 22, 2009.
How will fractional shares of SpongeTech® be treated in the reverse stock split?
No fractional shares will be issued. Any fractional share which might result from the reverse stock split will be rounded up to the nearest whole share.
Will the CUSIP number for SpongeTech®’s common stock change?
Yes, SpongeTech was required to obtain a new CUSIP number in order to effect the reverse stock split. The new CUSIP number for SpongeTech®’s common stock will appear on the new stock certificates.
What should I do with the shares of SpongeTech® that I currently own?
If your SpongeTech® shares of common stock are held in a brokerage account, your broker is authorized to exchange the shares for you and the number of shares you own after the split should be reflected in your account. You can contact your broker for more information.
If you hold the stock certificates yourself, you will receive a letter from SpongeTech®’s transfer agent outlining how you may exchange your certificates for new certificates. You should receive the information in the mail in about a week after the reverse stock split takes effect.
Whom should I call if I have questions regarding how the reverse stock split will impact my shares of SpongeTech® common stock?
If you are a beneficial shareholder (in other words, if you hold your shares through a broker, bank or other nominee), you should contact your broker, bank or other nominee directly. You can also contact SpongeTech®’s investor relations consultant, Lippert/Heilshorn & Associates, at hfried@lhai.com or 212.838.3777.
What is the effect on existing shares of SpongeTech® common stock?
The proposed reverse stock split would affect all of SpongeTech®’s stockholders uniformly and would not affect any stockholder’s percentage ownership in SpongeTech®. Voting rights and other rights and preferences of the holders of common stock will not be affected by the reverse stock split.
What is the impact of SpongeTech®’s reverse stock split on Class B stock, preferred stock, options, warrants and other stock-based awards?
The same 1-for-100 reverse stock split ratio will be used to effect the reverse stock split of SpongeTech®’s issued and outstanding common stock, its Class B Stock and preferred stock. Accordingly, all stockholders will be affected proportionately. Options, warrants and other stock-based awards will be adjusted on a similar basis.
Still no sign of the 10K?
Are they waiting for the very last minute to release it or what?
They better release it ASAFP.
The 10k may answer some of the questions that shareholders have at this moment.
Countless times. Ok, than it would be easy for you to provide a link or an written interview with this statement?
Untill you provide us the link it never happened...
When did he say that this was not a possible scenario?
Was it in a PR or something like that? Or during an interview?
Where does it show?
Old news, but may clarify the new news
SpongeTech® Delivery Systems, Inc. Take Action to Reduce Number of Authorized Common Shares to 900 Million Shares
SpongeTech® Begins Process to Lower Outstanding to Approximately 500 Million Shares
Press Release
Source: SpongeTech Delivery Systems
On Monday July 27, 2009, 11:30 am EDT
Buzz up! 5 Print
Companies:SpongeTech Delivery Systems, Inc.
NEW YORK--(BUSINESS WIRE)--SpongeTech® Delivery Systems, Inc., “The Smarter Sponge™”, (OTCBB: SPNG) is pleased to announce that the Company is taking action to amend its Articles of Incorporation to reduce the number of common shares that the Company has authorized to 900,000,000 (nine hundred million) shares. In addition, the Company has also begun the process to lower its outstanding shares to approximately 500,000,000 (five hundred million) shares.
Related Quotes
Symbol Price Change
SPNG.OB 0.2040 0.0000
{"s" : "spng.ob","k" : "c10,l10,p20,t10","o" : "","j" : ""} As reported in the Company's 8-K filing on May 26, 2009, SpongeTech® amended its Certificate of Incorporation to increase its authorized common shares from 1,800,000,000 (one billion, eight hundred million) to 2,000,000,000 (two billion). The increase was to provide the Company with the ability to pursue a transaction such as the acquisition of Dicon Technologies. Subsequently, the Board of Directors had approved the acquisition of Dicon Technologies which was completed on July 9, 2009 as a cash transaction, without any shares to be issued for the acquisition and without any dilution to its current shareholders; therefore enabling the Company to take action and reduce the authorized shares substantially. Furthermore, as reported in the Company's 3rd Quarter Form 10-Q filing on April 20, 2009, SpongeTech® had 722,866,061 shares of common stock issued and outstanding and the Company is also taking action to lower its outstanding shares by 30%. The Company's actions in this regards will include the continuation of the common stock repurchase and retirement program from the open market as well as the retiring of restricted (144R) shares of common stock currently owned by the Company and its affiliates.
"We are excited to be moving quickly to complete the process of reducing both our authorized and outstanding shares as well as provide clarity," commented Michael Metter, CEO of SpongeTech®. "This significant reduction is an expression of both the progress that the Company and its innovative product lines have made to date. We are confident that there will be more advances to come in the near future with regards to our product development and penetration of what we fell is currently a targeted market that is extremely large, yet grossly underserved." Metter continues, "I have always commented that it is SpongeTech®'s commitment to shareholders to gain their trust through transparency, progress and hard work. It always has been and always will be our goal to constantly build on our shareholders confidence."
"The reduction of the Company's authorized shares is being done to assure our shareholders that we are careful and prudent with the issuance of our stock," stated SpongeTech®’s COO Steven Moskowitz. "The significant reduction in both the authorized as well as outstanding share structure will serve to further enhance our overall earnings per share and make our stock more attractive to own for both current as well as prospective investors."
For more information, please contact Investor Relations at 1-877-SPONGE-T, and/or visit the Company’s website at: www.spongetech.com
About SpongeTech® Delivery Systems, Inc.
SpongeTech® Delivery Systems is a company which designs, produces, and markets unique lines of reusable cleaning products for Car Care, Child Care, Home Care and Pet Care usages. These sponge-like products utilize SpongeTech®'s proprietary, patent (and patent-pending) technologies and other technologies involving hydrophilic (liquid absorbing) foam, polyurethane matrices or other ingredients. The Company's sponge-like products are pre-loaded with specially formulated ingredients such as soap, conditioner and/or wax that are released when the sponge is soaked and applied to a surface with minimal pressure. SpongeTech® is currently exploring additional applications for its technology in the health, beauty, and medical markets. SpongeTech® Delivery Systems, Inc. intends to globally brand its products as The Smarter Sponge™ .
Safe Harbor Statement
Under The Private Securities Litigation Reform Act of 1995: The statements in this presentation that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements may not occur. Additional risks and uncertainties are set forth in the Company's Annual Report on Form 10-KSB for the year ended May 31, 2008, the Company's Quarterly Report on Form 10-QSB for the Third quarter ended February 28, 2009. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.
Contact:
SpongeTech® Delivery Systems, Inc.Investor Relations:1-877-776-6438info@spongetech.com or wayoung55@aol.comorConnecting Markets GmbHToll Free: +0800 100 42 92Fon: +49 (0) 69 21 65 59 10Fax: +49 (0) 69 21 65 59 11Email: info@cmir.de Buzz up! 5 SendSharePrintShare this page
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Related Headlines
SPONGETECH DELIVERY SYSTEMS INC Files SEC form 8-K, Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year, - EDGAR Online
SpongeTech® Delivery Systems Announces Reverse Stock Split to Move Closer to NASDAQ Listing - Business Wire
SpongeTech® Delivery Systems, Inc. To Host Number One Tennis Player at US Open for Autograph Session - Business Wire
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New HOD? 0.21900 USD
Just today I found out that at least 10 people from Belgium have invested in SPNG as well. I thought I was the only one :)
Watching Powerhour closely , yes i'm excited
Bid
0.21180 USD
Ask
0.21200 USD
I feel power hour coming on
Bid
0.21080 USD
Ask
0.21100 USD
No, let's hope not
we need a strong powerhour.
Maybe waiting for the HOUR OF POWER? :)
So that means 10-K today or a Form 12b-25 today? Right?
Amaai, wat een Belgen op dit forum. Laatst nog iemand gezien die zich Belgiantrader of zoiets noemt.
Een goed teken natuurlijk dat er ook vanuit Europa interesse is in dit aandeel. Denk jij dat de 10-K vandaag zal verschijnen?
On which date was black friday?
Probably a stupid question...
News maybe? Any thoughts?
Who promised it, you?
These facts should tell you something, ... think hard, what would that mean? Does the concept of stalking ring a bell?
quickly SB2010, you can sell at 0.1401 now!!
OMG 7638!!! you must have a lot of shares...
We go up you mean?
Cash, BE HAPPY, the stock is going up!!
Call management and tell them the stock is going up and that you're making money!!!
Ah, she's back to the green fields!!
Bid
0.14350 USD
Ask
0.14370 USD
no problem, the pattern still holds!
Thanks for the chart. Can't reply private.
Chart looks very very good.
Thanks
What's the cost on that stockchart realtime? (post it in private maybe?)
and by the looks of the 10 minute chart the 0.15 barriere could be broken
http://stockcharts.com/c-sc/sc?s=SPNG&p=10&yr=0&mn=0&dy=5&i=p31385670742&a=175455946&r=9298.
Could it be a pure technical explanation for this uptrend?
Just want to get some feedback on the idea that the uptrend of today is a technical one.
I you go to stockcharts.com and put in spng you'll notice that the stockprice is bouncing of the 50 MA
also the SAR is just not touched.
The PPS is bouncing of the 50 MA and that's a good sign, especially with low volume. Looks like the stock is ready for some serious action in the upcoming trading days. Especially with some good news!! Look like it's planned!!! Perfect
Sometimes the charts explain the explainable...
Ok SAR reversal, should go through 0.15 now
Ok the 10 minute chart tells us breakout is about to come very soon!!!
Like we say here in Belgium:
"een advocaat weet altijd raad"
Translated: A lawyer always can give advice"
Looks like SPNG started a nice uptrend!
Thanks, I checked it. Very nice. I should switch my trading platform. I love charts. They tell it all.
super! thanks!
I hope this does not irritate other people on this board?
No problem, I do have real time data, but no 10 minute charts.
Whenever you feel like it.
xnxsxx
could you post some 10 minutes charts from time to time? I don't have that feature with my account. If it's not too much of a distraction for you that is.
Looks like a very good day already!