Spongetech Delivery Systems, Inc. (fka SPNGQ)

[starfire]

Various reasons....the primary one being that they get their BB listing rightfully theirs and then publish 10K so that trading can take place in a transparent and orderly manner. Without a 10K and O/S it would be hard to put a value on the PPS. However if FINRA does not approve 211 and SEC settles with SPNG, SPNG publishes 10K, grey market trading would be unbearable for everyone and FINRA would get a kick in the BUTT!! I know lots of IFs here but lets face it there are lot of positives for SPNG:

1. Sales are growing at an astonishing rate and so is profit.

2. Product has been well accepted by the MArket

3. PIKE is invested heavily into SPNG and so are other groups.

I think if SEC settles and FINRA does not approve 211, FINRA would be embarrassed!!

And so the likely outcome is FINRA approves, SEC settles, 10K published.

PS. The Wells notice says that the SEC 'intends' to take action on a broad set of rules violation without specificity!!! And puts the onus on the respondent!!