Stock,

I have to agree with you. I'm getting fed up with this dilution. I'm surprised the transfer agent is able to disclose this information. How about we call every day? This will give us more timely info than what management provides.

If they're cash flow positive and can afford buying shares back on the open market, why do they continue to need to lend themselves money for shares at a 40% discount?

Someone on Yahooo said they confirmed with the stock transfer agent that there are now 615mm shares in the O/S.

Olde Monmouth Stock Transfer Co.
732-872-2727

I haven't been able to call to confirm yet.

Stockman,

Do you happen to have a link indicating such? tia

There's our friend EDGX on the Bid, pretending again like he actually wants to buy some shares.

SPNGy could be getting ready for a little afternoon pop...

Would love a few nice solid green days as well.

Since management is buying back shares, it's in the best interest of all of us if they hold off on any big PRs until they accumulate what they intend to over the near term. The cheaper they get 'em, the more they can buy.

Rarely do they announce signficant PRs before market open. Better impact that way.

For this, I think patience is a virtue today. If not than further accumulation. Buy when the masses are selling.

Damn, a lot of stock for sale here....

Nice pickup mack!

Let's see a strong close into the weekend. Come on SPNGy, buy up some of those 25mm!!

Unfortunately, the same person selling at .032

Let's hope the afternoon yields something a bit better than that. Would be nice not to have to go into the weekend red every day this week.

Where's Moskowitz's big news for the day?

-5 minutes to go!!

What I'm thinking is they could issue a share dividend instead of a cash dividend. Basically a forward split, say 1 share for each 200 held long.

Naked shorts can't fabricate a share. Just a guess but seems to make sense. Also inline with the cusip change that recently occurred.

WPO,

I file that one under blue balls, but you're in the right category.

Dude, now that's leaving us a-hangin' Hopefully he didn't tell you that they increased the O/S to 1billion.

thanks. we tried .035, but it's not ready to budge just yet.

Can someone please help me out with getting AUTO off of .0348?

Thanks.

Kind of odd that he hired Investor Relations Group and didn't think that would bring in day traders. Think maybe he's more concerned about the shorts.

Still on Reg Sho list this morning. Could see some nice positive price action this week!

SPNG up 25% in Germany this morning on 5x normal volume!!

Possibly because they're REG SHOd?

I'm not looking to short, I'm trying to figure out management's intentions. They seem to indicate one thing and do another.

Can't short an OTC so I'm obviously long.

Don't care for deceitful management and not going to sit silent as they try and slide one by.

Viper,

Agree with you. As long as the price goes up.

If it goes down, or if there is further deception, someone will be paying the piper.

Turbo,

I added up the individual issuances on pg 8:

Feb-08 147000000
Mar-08 81500000
Apr-08 59000000
May-08 30600000
Jun-08 25400000
Jul-08 61000000
Aug-08 59000000

Total: 463500000

Yes, then I can take the $500 profit, issue myself more shares at a 40% discount for a $500 'loan' diluting current shareholders, tell everyone that these shares are restricted until 2010, hire some PR companies to pump the stock, then sell them into the open market and make another $500.

Then maybe I would start the cycle all over again.

Turbo,

We were told that there would be no further need for dilutive financing.

We were told that the shares issued to RM Holdings were restricted until 2010.

We are now surprised to find that RM Holdings has been issued 465M shares (not the 267 we initially thought)

We are now surprised to find that RM Holdings has sold 150mm shares on the open market.

makeitorbreakit,

The problem is that the 10K page 22 states that RM holding has 257mm shares as of 7/28.

This would indicate that they've already sold about 150mm shares into the open market. Although I was told that these shares were restricted until 2010.

This would explain the volume in the last few weeks, and why SPNG hired all of these pump companies.

Guys,

Does anyone have an opinion on the additional 30% dilution that occurred over the last few weeks, as well as RM Holdings selling shares on the open market? Someone ran the calcs on Yahoo and it looks like RM Holdings sold 150mm shares on the open market?

I like the numbers but the dilution is killing us.

Our EPS was .0024 for last year because of this dilution. It could have been much better if management wasn't giving themselves shares at a >40% discount and then dumping them into the market, and hiring pumping companies to push the stock price up and they sold into it. JMHO

Regarding the 25M share buyback, the SEC prohibits the company from buying back these shares 10 days before and 2 days after a 10Q/K filing.

On Tuesday, we will begin to see some nice positive price action, with large downside support.

While RF Lafferty (the investment bank assisting SPNG with the buyback) is represented as LAFF on level II, I would imagine they will be making their buys through another MM so they don't get 'front runned'.

You will know how good the 10K is by how many exlamation points their are in the PR. <3 bad news, >5 good news.

Whip,

You been hearing stories about me, huh?

GMD

Re: Spng flyer

It would be nice if someone had actually corrected all of the grammatical errors before mailing this out.

To me, the flyer wasn't very professionally done. I'd rather not see this type of stock promotion from the company.

Trading seems a little panicky today, don't it?

Can someone please help me with NITE on the ask? They're suckin up everything I got... They got a bottomless pit of shares to sell.

Essentially, since management already owns the $267mm RM Holdings shares, they could take the company private for $4.5 plus some premium to the common shareholders.

Or, increase the share buyback so their private shares are worth more.

Yow... That 3.5mm bump in orders alone is about equal to their market cap!

400M shares O/S
267M restricted to be bought back within 18 months
25M float to be bought back on the open market
---
108M shares outstanding * .033 = $3.5Million

Seriously, how is this not a 30 cent stock with 37mm in booked orders?

There's EDGX with another headfake prentending they're going to support the price at .035 Let's see if they pull away like yesterday and start selling through another MM on the ask.

How many does NITE have on the ask? Gotta run dry soon.

Holy Cow! SPONGY buying back almost 27% of the available float!