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Spongedigger - Totally agree with your assessment.
Just hope there is something left for us longs after the unscrupulous get let off the hook.
JTorence - I have not had a chance to confirm this yet but, was told by a local person on Friday that the Spongebob Sponge was currently selling at the Walmart in Hudson, NY. This person works at a convenience store that also sells the Spongebob Sponge and says they are selling a lot of them. Further, her daughter loves the sponge. This doesn't answer any of the major ongoing questions that we all have about Spongetech but, the sponges seem to be selling well. Full disclosure: I am holding shares long and thinking that this stock will pay off in the long term. Don't post much because the nature of this board has changed dramatically since the summer. I will try to get up to the Hudson Walmart this week to confirm.
Spongeme,
I agree with everything in your post. I said two nights ago that the SEC didn't want to see a short squeeze and that has precipitated much of what has unfolded. Short-term, this is about as bad as it gets for investors like myself. Long term, I'm still postitive and bullish.
One request to SPNGE management: Cancel the R/S now! What were you thinking? Please give your long-term investors a break. Get the 10K's done as quickly as possible and there better be some really good news in there regarding share counts or upcoming business.
Still holding long but thinking about changing my alias to "Droopywood"
How about this one:
Since the SEC is basically in bed with the shorts, ie: they condone the NSS behavior by not enforcing the rules. Assuming they kicked back the 10K due to the past accountant problems, this could be the SEC's way of counteracting any Spongetech plan to deal with the NSS by giving a golden chance for them (NSS) to cover on the cheap and avoiding a squeeze. Then again, it could be all just a coincidence. Just throwing it out there....
Regardless of the reason, this is like eating a crap sandwich (no 10K) after a fried crapitizer platter (Reverse Split). Hopefully, the dessert will be better but, at this point, I'm not really counting on it.
OT, I guess that's what bothers me most, that it appears we were deceived. I'm still holding long and refuse to panic sell although I sometimes question the wisdom of it. Management is acting in an imperfect system and, basically, made a decision to play ball rather than fight it anymore. I'm sure they are frustrated with the manipulation and are looking for the light at the end of the tunnel just like us. I think it will take several quarters of stellar results to get back to where we were a week ago in real terms. Again, hopefully. I'm wrong and it happens sooner but, I'm not counting on it. I think the long term prospects for the company are better than good.
Drew, I like the letter.
All legitimate questions and concerns for us long term shareholders. Include my 164,000, oops, I mean 1640 shares.
How depressing is that?!!
coffee, I hope your wife is right!
Things seemed to be going so well before the R/S announcement, too. Unfortunately, I'm afraid that the long term plans for the company and a more aggressive track trump our desire to be treated fairly as shareholders. Money talks and us retail investors are just being used for some foot traction to get to the Nasdaq. It bothers me that some longs are getting beat up on this while the shorts seem to be getting let off easy. Again, I hope I'm wrong as I am still holding, just not expecting any immediate returns.
Krykuss,
Right now shorts are covering and longs are getting the shaft. This may be temporary but, any hope for a squeeze is vanishing by the day, IMO. I didn't get into this for a squeeze but, didn't think there would be a R/S either. I was just looking for steady appreciation of my investment. This may still happen but, the horizon line has just been moved out and the expectations have been reduced significantly. Not all bad but, not too pleasant right now for a long that went in the red today - namely me.
They were thinking that they wanted to drive the share price down!
Why? So the shorts could cover on the cheap and they would stay in the good graces of the "Big Money" players, ultimately getting uplisted to the Nasdaq quicker. Sucks for us, good for them. I guess we know where we stand now - Somewhere just above pond scum.
mtgman, that is the disappointing truth!
Kimi, I'm in your camp.
Mostly, my gut instinct is telling me to hold tight. I could be the world's biggest fool but, that remains to be seen!
Any proof, Cash?
Z4, That's the 10 million dollar(divided by 100)question!!
Z4, that's the one thought that's keeping me here!
Yeah, Hoss, I agree.
I am still holding shares with little or no profit at this point but this R/S was intended to prevent a squeeze not cause one in my opinion. Management took a shortcut to the Nasdaq at our expense. Just a little reward for "Average Joe" hanging in there with them. Sorry, I've been behind this company so far but, expectations have been ratcheted way down as a result of this. SPNG may still be an OK investment but, "life changer" is off the table unless there is a complete about-face. I have no reason to believe anything other than a 100-1 R/S will happen. Once that does, the multiples are just not there for huge gains. And I'm not trying to break the code of why the two announcements were made together. People are grasping at straws trying to figure this out.
More like "Willpower Hour"
highenergy, again I completely agree and I hope you are right, I'm just not counting on it at this point. Maybe it's just this morning's disappointing news bringing me down, reality setting in, or both. I'm still hoping for the best between now and Sept 22.
highenergy, I agree with your assessment from a common sense point of view. The big question is what happens to share price between now and 9/22. This window seems like the last chance for a major windfall for share holders. I'm assuming this major share appreciation won't happen (I hope I'm wrong!)and this will become a good but somewhat tamer long-term investment.
I was wondering the same thing??
I agree. I think this is a compromise solution that will allow the shorts to wiggle out of their predicament with minimal pain. I hope I'm wrong as I'm holding long and will endure some short-term pain to get there. Prospects for the long-term growth of the company are still good. Gain expectations may have to be scaled down though.
So if I understand this correctly, these brokers will be taking a "Sponge Bath"! They should make a commemorative sponge for these brokers!!
Screaming YES! Wish I had 60K sitting on the sidelines...
163,000 shares here.
Thanks for doing the tally.
I think Fish is right.
We have to remain flexible and see what develops. The real reward is to come some time in the future when the uplisting becomes a reality and the company continues to grow & post good results. Be prepared to take advantage of a short term squeeze with GTC orders in place but, even if this were to occur in the best case sense, I personally will still be holding approx 25% of my shares for a long term investment. Events and facts change so, stay tuned and stay current.
Well, I've got my tickets and I'm on the train. I'll be waving to you as we pull away from the station. You're kidding right??
My brokerage acct has been showing that situation on and off all day long.
Selling 15% of my shares @ 2.50 and walking up the ladder from there. Holding 50K for long term investment.
Seems realistic to me.
Fish, that's Wiliam Shatner,
one of my favorites. He also put out a great album a few years ago, "Transformed Man". Check it out & GO SPNG.
I'm long and happy!!
Same .1448
In theory, share price could go down but you would own more shares so, it should balance out. Should actually go up if all the shares are reconciled.
As a small investor, I've taken some lumps on Wall Street and I've had some small successes too. It just seems that, in general, the cards are stacked against the little guy. Wouldn't it be great for "Joe Average Investor" to finally get the compensation and justice he deserves for operating within the rules! Perhaps that day is approaching, we will see. This could be the best bailout ever!
YES, A NEW DAY IS COMING!
WE ARE SPONGEHEADS, HEAR US ROAR!
It's been a very peceful, happy and informayive discussion tonight, with a little humor thrown in. Kind of nice for a change!! And no posts in all caps either. Wow!
My kids have more SPNG shares than I do so, if I'm the beneficiary, yes I would bet their lives! Just kidding of course.
All right, I'm a MOASS virgin, too!
My sentiments precisely. If half of my orders are filled I'll be thrilled. Don't mind ending up with some shares for the long haul. Who knows, maybe even get a dividend someday??
Agreed, walstreet sweeper, got my GTC's stacked up in six increments and will hope for the best when the time comes.
Sometimes dreams come true! Why not hold a few shares for the best case scenario. I am!
Thanks Stox, another great post. You are the voice of reason that keeps me calm in the storm. I'm in for the full ride, not just a quick buck. The upside far outweighs the down. I'm not an expert at technical analysis but, following this board for a couple of weeks has been a great education! Usually you have to pay for education but, perhaps this time I will be getting paid (and handsomely!) to learn.