Spongetech Delivery Systems Inc (fka SPNGQ)

[OldTymer]

Carpe, my take on this is...

First of all, my computer crashed yesterday, so I didn't have a chance to say this. Just got it up running now.

I can't remember the last time I saw a company announce a reverse split a week before it was going to happen. Just isn't done that way. If a company is going to have a r/s on Friday at the opening bell, a pr is issued the day before, after the market closes. That way, no one can dump their shares. To announce a week in advance is counter productive to what they are trying to accomplish, that being having the price be as high post split. I can't ever remember a company announcing it a week in advance.

Personally, I think SM may have been trying to scare the MM's into covering. However, I don't believe it will happen. There is no reason for a MM to have to cover based on a r/s. Steve is not stupid. He knows this market. He would never release a r/s pr a week before it was going to happen. I would be looking for a pr after the close next Tuesday announcing they have called off the r/s. It's not illegal to do this, however, if there was another reason for it and it turns out not to be good for shareholders, then we have a problem.

This is all just my "I don't know what the hell is going on" opinion.