Spongetech Delivery Systems, Inc. (fka SPNGQ)

[loanranger]

pup,
The full text of Rule 6530 can be found here:
http://finra.complinet.com/en/display/display.html?rbid=2403&record_id=5607&element_id=4513&highlight=6530#r5607

But the answer to this issue is clearest in the first phrase of the OTCBB FAQ that you quote:
"Pursuant to NASD Rule 6530(e), any OTCBB issuer that is delinquent........"

SPNG stopped being an OTCBB issuer on or around 10/20.
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=6826871-2967-4359&type=sect&dcn=0001144204-09-051369

The 10Q was due around 10/15, but not technically late until around 10/20, at which point the 30 day grace period (now passed) would have begun per the rule. That grace period ended last week. So the 10-K was the only delinquent filing as an OTCBB filer. It was their first strike, but the 10Q and any future delinquent filings would not be qualified as a second strike because they are no longer an "OTCBB issuer that is delinquent" and stopped being one on 10/20.

That's the way I see it anyway.