Spongetech Delivery Systems, Inc. (fka SPNGQ)

[PennStateMtnMan]

No, the AS is authorized by a majority of votes. And since the insiders have 28,000,000 shares of Class B with 100 votes per share, (2,800,000,000 votes) plus what they control of the Class A, no other votes are needed. This is exactly the reason for the Class B shares, to "cover," in terms of votes, the Class A OS.,

You and others that have replied maybe right. I have always thought all shareholders had to vote still.


http://www.investopedia.com/terms/a/authorizedstock.asp

Investopedia explains Authorized Stock
This number can be changed only by a vote of all the shareholders. Management will typically keep the number of authorized shares higher than those actually issued. This allows the company to sell more shares if it needs to raise additional funds.