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This was a really costly learning experience but I don't regret it. How often do executives run P&D scams in the penny stock world and actually get caught? I'm just glad they stopped this before more people lost their money.
Is the hearing 9:30AM eastern or pacific?
Thanks!
If the SEC finds that spng was NOT fraudulent, could we sue the SEC? A lot of investors lost their money because of the suspension and the investigation etc etc.
I feel like they're punishing us for sticking through the F/S while the pps goes down... lol
How did SPNG get rid of the E at the end? Did something happen? I've been away this weekend.
Thanks!!
This really sheds some light on what could have happened on Black Friday... no wonder Soapy wasn't there at all. He claimed to be speaking to his broker.
Was Soapy connected to Spongetech at all or was he simply sending out false messages on the board regardless of what Spongetech was going to do?
Why isn't Soapy a mod anymore? Sorry I've been away for the day.
Can someone fill me in on the day's events?
Thanks!!
Mat28
it sucks if you had all your funds tied up with this thing.
"The Company is requesting an appeal hearing with FINRA regarding the determination of the Company's security listing eligibility."
Does this imply that they won't be able to meet the october 16 deadline? Otherwise why would they be requesting for an appeal?
LOLL GFGU is going down the drain... haha... go spng
Spongetech "Cleaning Service"?
I just found this article that talks about a house cleaning service from "America's Cleaning Company" where employees would drive to people's houses and manually clean their kitchen, bathroom, etc for them. The bottom of the article has the number "1-866-6-SPONGE" for contact. I wonder why I haven't heard of this service yet... is this new??
http://www.5tjt.com/news/read.asp?Id=5001
America’s Cleaning Company
By Rochelle Maruch Miller
Published on Thursday, October 01,
America’s Cleaning Company is generating buzz throughout the Five Towns and beyond. This is not surprising. Arguably the premier cleaning source of discerning homeowners, this environmentally friendly, “green” company boasts a roster of highly satisfied clients throughout the tri-state area. As the gold standard of residential and commercial cleaning, America’s Cleaning Company is unsurpassed in service, integrity, and reliability. All cleaning personnel are insured, bonded, and meticulously checked for background information. Each employee is a consummate cleaning professional, well versed in the company’s protocol.
“We are a client-oriented company; customer satisfaction is our priority,” Michael Laster, ACC’s executive manager, told the 5TJT. “Working in tandem, our professionals work in teams of two or more and are overseen by a supervisor, assuring a system of checks and balances. Our personnel travel together in a company vehicle, arriving at their destination promptly at the designated time. This system maximizes efficiency and productivity. Every team follows the strict guidelines of the company protocol; included in the detailed bedroom checklist are all windows and baseboards, as well as eliminating cobwebs. We supply all of our own green cleaning supplies. Our products are made of all natural elements and are highly effective. Rather than spreading the grease around, they actually attack the elements within the residue, devoid of streaking.”
Among the many services provided by America’s Cleaning Company are full cleaning of kitchen, bathrooms, living room, dining room, stairs, and hallways. New clients will receive a free refrigerator cleaning during the initial visit.
Not content to rest on their laurels, America’s Cleaning Company has exciting plans for a cleaner and greener America. “We will be introducing a full line of our green cleaning products within the near future,” Mr. Laster said. “We also have plans to franchise around the country within the year.”
Sarah is one of the myriad clients who wax poetic about America’s Cleaning Company. “I always prided myself on having a clean home, but since I began using ACC, my home is immaculate. Every member of their staff is courteous and very professional. Every nook and cranny of my home literally sparkles and that wonderful clean aroma lingers on for days after they’ve gone. America’s Cleaning Company’s prices are very competitive and they do a perfect job every time. My husband and I—and our children—look forward to coming home every day; the house is so clean and inviting!”
America’s Cleaning Company is a division of Vanity Events Inc. and is licensed to use the SpongeTech name. To schedule an appointment, please call 1-866-6-SPONGE.
That's what they get for saying "no thanks" to the spng.
The article is just an opinion as stated in the small print at the top.
"Judgments: Opinions on the news. "
http://www.thebigmoney.com/articles/judgments/2009/09/29/spongetech-all-wet
You're right, you're right. Sorry about that.
But they're not cutting off all ties cuz they're still keeping $1,750,000 from the previous investment.
That should actually be 30 billion with that calculation:
300mm x 100 = 30,000mm = 30 billion
What target price are you guys looking at? $100+?
Really? Why wednesday and not tuesday?
Hahaha... this is great... thanks for the post. I think I fit 90% of that.
Question: What are the chances the fundamentals change with the change in auditors?
The fundamentals should still be the same whether it's Drake and Drake or Robison Hill right?
Unfortunately, they'll be back again once SPNG(E) takes off.. sigh.
Hmm... does this mean Deloitte and Touche also have to redo all their filings again when they do the 10Q?
Which filing is D&T responsible for?
Why hasn't an E been added to SPNG? Is this the exception to that rule?
SPNG not in Delinquent List:
I checked out the OTCBB "List of Filing Delinquent Companies as of Sep 15, 2009" and SPNG wasn't on there.
http://www.otcbb.com/DailyListContent/delistings/OTCBBDelOpenReport.pdf
I wonder why...
Any thoughts anyone? If they were delinquent, shouldn't SPNG be on this list??
Mat28
At this rate, the 10Q is gonna come out before the 10K... LOLL
Seems like Edgar is still updating...
http://www.sec.gov/cgi-bin/browse-edgar?action=getcurrent
Last post was on 18:07:47. Can someone verify? Maybe we still have time?
If they released the R/S news with the 10K, they might not have had anything else to prop up the stock price with before the R/S... At least this way, the 10K would hopefully prop up the pps before next Tuesday.
When were the previous filings posted? Were they delayed til the last minute like this 10k?
When is the 10K due out at the latest??
Hey everyone! I hope you're having a good weekend.
I stopped by my local CVS and noticed the Car Wash sponge was being sold for $5 instead of the $10 a few months ago. Anyone know why this is? Is this a good or a bad thing?
Thanks for the help!
mat28
I'll vote for XSPNG! LOLL
These are all the sideliners jumping back in after they panic sold... LOLL
You're right... we might get a fourth PR about the FuGu investment.... ;|
Question about possible shorts:
As an example, let's say there are 100 shares short PRE-SPLIT and they do not cover before the R/S.
What happens after the R/S? Do they now have to cover 100 POST-SPLIT shares? Or does their position also get reverse split, so they would only have to cover 1 POST SPLIT share?
Mat28
Short Squeeze triggered by Reverse Split:
I read an article that AIGs recent reverse split caused shorts to cover. Hopefully the same will happen with SPNG.
http://www.marketwatch.com/story/analyst-says-short-squeeze-likely-driving-aig-gain-2009-08-05?siteid=yhoof2
NEW YORK (MarketWatch) -- Investors who were short shares of American International Group before a recent 20-for-1 reverse stock split are scrambling Wednesday to buy scarce shares to cover, driving the stock up more than 50%, according to Miller Tabak analyst Peter Bookvar. Bookvar said he's seeing a similar situation with shares of Georgia Gulf Corp, which also recently did a large reverse split. "GGC is another stock that had this big reverse stock split, and its stock went from $7 to $36 in five trading days. It's another example of where the float has dramatically shrunk, and now there's a massive short squeeze going on," Bookvar said. "There is certainly no news to account for it (AIG's stock move), he added.
mat28
Question:
Can someone explain what the implications are for this reverse split?
As far as I see... it doesn't really change anything about the company. Sure it changes the stock price, but the company profits, growth, and goals are still the same...
Why is everyone so scared?
I think it was a smart move to release the R/S PR before the 10k.
Imagine if the 10K came out and the stock price went up to .25 and they released the R/S afterwards... the price would probably drop to where it is now.
At least we still have the 10K to look forward to and maybe push this thing to .20 before the R/S... JMHO
Mat28
Whoa.. where can I get a free stain remover pen? lol