Spongetech Delivery Systems, Inc. (fka SPNGQ)

[lexion585]

To my knowledge, FINRA has not been contacted yet regarding the split....If someone knows different please speak up.......


What rules govern the reporting of dividends; when must a company report a declaration of a dividend or other distribution?

Please refer to Section 10b-17 of the Securities Exchange Act of 1934, which effectively requires that any OTC Equity issuer must provide FINRA operations with 10 days notice prior to engaging in any of the following corporate actions: (1) the issuance of a dividend or other distribution in cash or in kind; (2) a stock split or reverse split; or (3) a rights or other subscription offering. Failure by an OTC Equity issuer to provide the requisite notice constitutes fraud under Section 10 of the Securities Exchange Act of 1934.