I was thinking of sending a message to spongetech. I'm not the best writer, but I just wanted to let them know what our expectations are. They have control of the company - and I do not wish to make the decisions for them. However, they have set certain expectations that I want to make clear should be met.
If you would like to be included in such a message let me know. If you'd like to write your own version of a letter, let me know. Either way, I'm sending something like this tomorrow.
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Dear Spongetech Management,
I am contacting you on behalf of xx investors representing 1/x of the total float.
We would first like to extend our congratulations and gratitude for the fine company you have built and especially the first quarter success.
While the success should be reflected by the share price, it is not.
The existence of abusive short selling has been noted by both the letter to shareholders as well as the Regulation SHO Threshold security list. We maintain that their existence has artificially influenced the share price in a negative manner.
The share structure was recently announced in a PR. Now, you are applying a 1 for 100 split to that share structure. We calculate the resulting outstanding shares to be at most 5 million.
If the restricted shares issued to RM Entertainment are returned to treasury, then we expect that number to be at most 4 million.
The reason for such an extreme split is beyond our comprehension. In conjunction with the delay in filing the 10K, we are left hanging by a thread.
Please keep our best interest in mind at all times.
We are looking forward to the clarity that comes with the yearly filing.
Sincerely,
The Shareholders
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