Spongetech Delivery Systems, Inc. (fka SPNGQ)

[loanranger]

Who's on first this time?

At 4:02PM on Friday Spongetech filed an 8-K which included a Subscription Agreement (Exhibit 10.2) identifying Getfugu as the "Company" and an unnamed "Subscriber".

Item (j) under Miscellaneous says,in part:
"(j) 8-K Filing and Publicity; Standstill. On or before 8:30 a.m., Eastern time, on the first business day following the date of this Agreement, the Company shall issue a press release describing the terms of the transactions contemplated by this Agreement, but not including the names of the Subscriber and the amount of Securities purchased hereby. On or before 8:30 a.m., Eastern time, on the second business day following the date of this Agreement, the Company shall file a Current Report on Form 8-K describing the terms of the transactions contemplated by this Agreement in the form required by the Exchange Act and attaching this Agreement as an exhibit to such filing (the “8-K Filing”), but not including the name of the Subscriber and the amount of Securities purchased hereby except as required by the instructions to Form 8-K."

According to the above Getfugu was supposed to issue a press release before 8:30AM on Friday describing the "transactions".
They didn't.

According to the above Getfugu was supposed to file an 8-K on the second day following the agreement date, which would have been Saturday, including a copy of the Subscription Agreement as an Exhibit, but not identifying the Subscriber.
They did, in fact file an 8-K at 5:27 on Friday including the Agreement as an Exhibit, but identified RME as the Subscriber.


I guess I'm just wondering, given that the agreement was made on the 5th, why it wasn't made public until after the close on the 6th. And what may have been on the minds of those that agreed to the one day delay in disclosure. While there would not be an SEC-related obligation to file any sooner, the agreement itself calls for its publication by GFGU on the morning of the 6th and they ignored it.


And I'm wondering if anyone else finds this chart curious or if there was news that I missed between 3:30 and the close:
http://finance.yahoo.com/echarts?s=GFGU.OB#chart2:symbol=gfgu.ob;range=1d;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=off;source=undefined


If I appear to be confused it's because I am.