Spongetech Delivery Systems, Inc. (fka SPNGQ)

[spit432]

Great Post, and this argues strongly in favor of no further dilution without the consent of a majority of common shareholders. I'm not sure I understood why you concluded it was forced upon SPNG by the state of Delaware and was not voluntary, but you could explain that for me and others if you wouldn't mind. I assumed it was done as a negotiated arrangement forced upon them by Pike who now owns significant shares. I heard that Pike signed an agreement not to attempt a hostile takeover of the company, and if that is true this arrangement may have been the quid pro quo by management to his signing such an agreement. Just my guess.