Found this tonight. Gives some info on the ftd's and o/s shares.
A buy-in is imminent!
SPNG Has Been On BUYINS.NET Naked Short List For 13 Consecutive Trading Days
Wednesday August 12, 2009 12:12:54 EDT
Aug 12, 2009 (M2 PRESSWIRE via COMTEX News Network) --
BUYINS.NET, www.buyins.net, announced today that these select companies have been on the NASDAQ, AMEX and NYSE naked short threshold list for 13 consecutive trading days: Spongetech Delivery Systems Inc. (OTCBB:SPNG). For a complete list of companies on the naked short list please visit our web site. To find the SqueezeTrigger Price before a short squeeze starts in any stock, go to www.buyins.net.
Regulation SHO took effect January 3, 2005, and provides a new regulatory framework governing short selling of securities. It was designed with the objective of simplifying and modernizing short sale regulation and providing controls where they are most needed. At the conclusion of each settlement day, data is provided on securities in which: 1) there are at least 10,000 shares in aggregate failed deliveries for the security for five consecutive settlement days, and 2) these failures constitute at least 0.5% of the issuer's total shares outstanding. Regulation SHO mandates that, if a clearing agent has had a fail-to-deliver position for 13 consecutive settlement days, that clearing agent, and the broker/dealer it clears for, must purchase securities to close out its fail to deliver position.
Spongetech Delivery Systems Inc. (OTCBB:SPNG) designs, produces, and markets unique lines of reusable cleaning products for car care, child care, home care, and pet care usages. These sponge-like products utilize SpongeTech's proprietary, patent (and patent-pending) technologies, and other technologies involving hydrophilic (liquid absorbing) foam, polyurethane matrices, or other ingredients. The company's sponge-like products are pre-loaded with specially formulated ingredients, such as soap, conditioner, and/or wax that are released when the sponge is soaked and applied to a surface with minimal pressure. SpongeTech Delivery Systems is exploring additional applications for its technology in the health, beauty, and medical markets. It plans to globally brand its company as America's Cleaning Company. The company was founded in 1999 and is based in New York, New York. With 722.87 million shares outstanding and 108,200 shares declared short as of June 2009, the failure to deliver in shares of SPNG has not been resolved and a buy-in is imminent. According to quarterly data provided by the SEC, there were still 5,289,804 shares of SPNG that were failing-to-deliver as of June 12, 2008.
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