Spongetech Delivery Systems, Inc. (fka SPNGQ)

[pantherj]

SPNG is not exempt from filing simply because they are now on the gray market. There are procedures they must follow and forms they must file with the SEC in order to qualify. One of those methods would be to file with the SEC that they have either
1) less than 300 shareholders
2) less than 500 shareholders and under $10 Million in assets.

Obviously, Spng does not qualify under either rule as they, according to SPNG insiders, have more than 72,000 share holders.

SPNG will either file all the restatements and the 10K or be revoked. there is no alternative. If they are revoked, shareholders investments are wiped out as the shares become untradeable. Even EBAY will not accept an auction on revoked shares ... as a collectible even!!

"But Spong is now currently on the Pinks, so they are not required to file from my understanding."