Spongetech Delivery Systems, Inc. (fka SPNGQ)

[loanranger]

spit,
re: "concluded it was forced upon SPNG by the state of Delaware and was not voluntary".
Apologies if I left that impression. I did not mean to suggest that Delaware wrote their laws with SPNG in mind. But I believe they wrote the law requiring common shareholder class approval of any increase or decrease of authorized shares OF ITS CLASS to deal with a situation like SPNG's. They did not want a class of stock created that could dictate the authorized number of common shares without allowing the common shareholders to have a clear say in that decision. So SPNG's Articles are written to voluntarily comply with the law, but they really have no choice.

Please keep in mind that this is just my opinion from my reading of Delaware law and SPNG's Articles of Incorporation. So far no one agrees with it and I have no special skills in this area, so I can't say as I blames 'em.

Good Luck.