Spongetech Delivery Systems, Inc. (fka SPNGQ)

[Y2KMavin]

It is my guess that the change in symbol is to get the naked shorts out of the stock. To transfer the shares to the new symbol the broker would have to produce the shares.

If the change of symbol was to clear the naked shorts, that is a good sign. The stock sold off this morning, as people panicked to find the symbol was changed. After that the downward pressure disappeared. Stock closed at .093 yesterday, however 16 million shares traded after the close at .099. I suspect some of the shorts were covered for those that knew about the change of symbol.