Spongetech Delivery Systems, Inc. (fka SPNGQ)

[matwenty8]

Short Squeeze triggered by Reverse Split:

I read an article that AIGs recent reverse split caused shorts to cover. Hopefully the same will happen with SPNG.

http://www.marketwatch.com/story/analyst-says-short-squeeze-likely-driving-aig-gain-2009-08-05?siteid=yhoof2

NEW YORK (MarketWatch) -- Investors who were short shares of American International Group before a recent 20-for-1 reverse stock split are scrambling Wednesday to buy scarce shares to cover, driving the stock up more than 50%, according to Miller Tabak analyst Peter Bookvar. Bookvar said he's seeing a similar situation with shares of Georgia Gulf Corp, which also recently did a large reverse split. "GGC is another stock that had this big reverse stock split, and its stock went from $7 to $36 in five trading days. It's another example of where the float has dramatically shrunk, and now there's a massive short squeeze going on," Bookvar said. "There is certainly no news to account for it (AIG's stock move), he added.

mat28