Spongetech Delivery Systems, Inc. (fka SPNGQ)

[overachiever]

Uhhh, you really think right now there are 2.565 billion shares outstanding?


As of 6/16/09, there were 1,999,616,206 shares outstanding. The outstanding share total became over 2.2 billion shares within a short period of time after the company raised its A/S limit from 2 billion to 2.565 billion on June 24th.

The reason the company keeps raising its authorized share ceiling is because they keep issuing more and more stock (as is always the case with companies that continuously raise their A/S).

This company has consistently been dishonest with its shareholders through false and misleading press releases, fudged accounting, gagged transfer agents, forged legal opinion letters, failure to file required 8Ks, forms 3 and 4, etc.

This is a very dangerous play as no one knows when they might wake up and find the stock suspended from trading due to incessant securities laws violations.