CARPE: Here is another angle to this whole debate and will appreciate your comments on it:
To begin with I believe they gave themselves the majority voting power/control in the July 8K:
“the Company agreed to issue an aggregate of 4,000,000 shares of Class B Stock to Mr. Moskowitz. Such Class B Stock is entitled to 100 votes per share on all matters for each share of Class B Stock owned”
Now my first qusetion is: In total 800 Million shares were authorized, out of which 400 Million were issued only. With the above power Mr. Moskowitz has, can he issue the remaining 400 Million shares? If he can it makes sense in the number of trades currently recorded? Do they need to file and notify other share holders on this matter?
lets for a second say, the above is not true, and the float remains at 400 Million, (Authorised and issued), out of which 267 Million are owned by RM. Out of the 400 Milion we are left with 133 Million free trading shares.
Spongetech pumped up their purchase announcement from 25 Million to 50 Mil shares (NOT RM, but free shares). out of the above they have already bought back 10 Million, thus leaving 123 Million shares in free market. (One argument is to stop naked shorts)?
At the moment, SPNG is growing and has enough capital on hand to purchase all the outstanding shares? Approx. at current price would cost them around 3 Million $$.
Does it some how ring a bell that they are looking at privatizing their operation, Does it make sense???. Can a public company become a private entity again, what are the rules governing this move?
I have a huge # of shares and looking long, infact I feel this stock to be my vehicle to retirement in the coming years.
