Spongetech Delivery Systems, Inc. (fka SPNGQ)

[loanranger]

pup,
Again, per the 8-k of 10/2:
"If the Company does not request a hearing with a FINRA Hearing Officer, or file its Annual Report by October 16, 2009, it is anticipated that the Company’s shares of common stock will be delisted effective October 20, 2009 as set forth in the FINRA letter. On October 2, 2009, the Company requested an appeal hearing with a FINRA Hearing Officer. In addition, the Company and its auditors are using their best efforts to complete the audit and file the Annual Report by October 16, 2009."
http://sec.gov/Archives/edgar/data/1201251/000114420409051369/v161998_8k.htm

You're asking for an opinion, right?
I've never seen a SPNG PR or 8-K that wasn't worded as self-servingly as possible...and that's perfectly reasonable to expect. If I was them I would've said I requested a hearing too (notable requested the day the 8-k was issued). I probably would've said I requested a hearing, whether I did or not, because only someone familiar with 6530 would recognize the futility of it (remember: "The Hearing Officer will consider only the issues of whether the issuer’s security is then eligible for quotation in the Service and/or whether the issuer filed a complete report by the applicable due date taking into account any extensions pursuant to SEA Rule 12b-25.") Some folks/investors might've been convinced that more could be accomplished by that hearing than was really possible, right? Note the best efforts to complete.....by October 16 statement...they were just trying to make the best of a bad situation.

Note that the 8-K was filed 3 days before the suspension was issued. All I'm saying is that they were clearly unrelated......the FINRA and SEC issues are different issues. But it was a perfect storm of crap, for sure.

I don't really have anything to add to the 6530, so-called 3 strike, issue. If you want, I'll try to pull quotes from the rule in a sequence that makes more sense than the horrific sequence in which it is written.


I probably should point out that I have -0- legal background, read my first SEC filing about 2 years ago and there's a good chance that the stuff in my posts is stuff I found out about 8 seconds before I typed it. I try to be accurate, but....I'm no expert on anything.