Spongetech Delivery Systems Inc (fka SPNGQ)

[ThePennyTrader]

NEW YORK, May 7 /PRNewswire-FirstCall/ -- SpongeTech® Delivery Systems, Inc. America's Cleaning Company(TM), (OTC Bulletin Board: SPNG - News), announced today that its Board of Directors has voted to seek a listing for SpongeTech®'s common stock on the NASDAQ Capital Market. As part of this process, SpongeTech® will prepare and submit an application for a NASDAQ Capital Market listing. In addition, SpongeTech® will undertake the corporate actions necessary for SpongeTech® to meet the quantitative and qualitative requirements for the listing application to be approved. SpongeTech® currently meets most of the financial listing requirements with the exception of stock price.

"We believe that a listing on the NASDAQ Capital Market listing will enhance both stockholder value as well as continue to help us grow our brand and further establish SpongeTech® as a household name," stated Steven Moskowitz, COO of SpongeTech® Delivery Systems, Inc.

There can be no assurance that SpongeTech® will meet the NASDAQ Capital Market initial listing requirements, including, but not limited to a minimum bid price for SpongeTech®'s common stock.


WHERE do you see anything about a merger hint in that? The best I can see is "SpongeTech® will undertake the corporate actions necessary for SpongeTech® to meet the quantitative and qualitative requirements for the listing application to be approved." Which could just as easily mean a reverse split as a merger.