Spongetech Delivery Systems Inc (fka SPNGQ)

[spongeboy]

I called e-trade

I asked the rep who answerered to explain to me how we could trade between .04 and .05 for 60 days in a row. I said I had put in sells for .03 (that filled at .04) and when the stock showed an upternd with last trade at .05 I put in a "market buy" that filled at .04. He said the grays are tough and alot of trading is manual and in his experience grays usually go on a slow decline in PPS and volume until they hit PPS at par (.001 or .0001) and volume of zero. SPNG , he said, is unusual. He could not explain the ceiling at .05 but said that "someone is definatly supporting the floor price at .04" -- "this just doesn't look right" based on that I thanked him and asked for a supervisor who might have a better handle on grays. I was transfered after a short hold and the conversation was almost identical. "The floor of .04 is support from somewhere" I asked if etrade had any note in the system regarding the SPNG Situation. He said that "all info is public and we (etrade) don't have any special notes in the system." He remembered the runup to .28 and asked me what happened. I told him I did not have the time and would have to go.