Spongetech Delivery Systems, Inc. (fka SPNGQ)

[wadirum1]

If SPNGE went ahead with the R/S now in order to help them get to Nasdaq, they'd have to use a bigger multiple that 1:100 IMHO. Because as it stands, SPNGE is closer to becoming a pink than it is to getting onto Nasdaq. Nasdaq is a long way away I believe.

I think they will rescind it and I think the stock will bounce up.

But I also think that eventually, once they get all the accounting mess cleaned up, they will have to go back to the R/S path to get to Nasdaq.

All the rumored discussion about reverse merger onto Nasdaq went nowhere. I thought it made sense, but that seems to have been misdirection. So, the remaining path would appear to be just as they said in their PR -- RS to uplist.

So, I'm thinking we get a good solid bounce when the filing pops up on Delaware's site.

Wadi