May 7, 2009...
'SPNG … announced today that its Board of Directors has voted to seek a listing for SpongeTech(R)'s common stock on the NASDAQ Capital Market. As part of this process, SpongeTech(R) will prepare and submit an application for a NASDAQ Capital Market listing. In addition, SpongeTech(R) will undertake the corporate actions necessary for SpongeTech(R) to meet the quantitative and qualitative requirements for the listing application to be approved. SpongeTech(R) currently meets most of the financial listing requirements with the exception of stock price.'
NASDAQ Capital Market Initial Listing Requirements:
Bid price…
$4.00
Publicly held shares…
1 million
Shareholders (round lot holders)…
300
Latest FORM 10-Q detail...
'Subsequent to the date of the financial statements, the Company cancelled an aggregate of 526,585,544 shares of common stock. The shares originated from the repurchase of common stock of RM Enterprises. This reduces the number of outstanding shares of common stock from 1,249,451,605 to 722,866,061 shares.'
With there being -- for SPNG as of this writing -- a very significant difference between shares outstanding and shares 'Publicly held'.
And, so, on the subject of a reverse split we have a no-brainer situation. In light of liquidity considerations and market cap. Inclusive of the effect of applicable multiples. Management being obviously intent upon some serious leveraging in eliciting a near-term pps as high as realistically achievable. A little simple number crunching yielding, in concert with close attention to detail, the fact of no significant magnitude reverse split.
Coming trading sessions to see continued strong pps appreciation. Appreciation in line with fitting company intrinsic valuation. The effect of applicable multiples inclusive.
Next trading week to see the continuation of the leveraging. Managerial maneuvering in bringing tangible shareholder value. Yielding the called for senior listing in timely fashion. Advancement to a fitting trading venue. One that fully opens the door to operational viability. To maximization of cash flows from operations and net earnings and the related rest.
Our approx. $0.10 Close being the least of it.
Next trading week and beyond poised to see trading levels well in advance of $0.80.
Fitting value. True value. The always combination of current and future value.
Revenues projections.
Earnings guidance.
Forward periods realities.
Plain and simple.
Onward and upward.
AI
