Spongetech Delivery Systems, Inc. (fka SPNGQ)

[loanranger]

Ris,
I still think that the relatively small number of RME held common resulted in jeopardizing the insiders ability to increase the number of authorized common. The following was roundly pooh-poohed, but I think that was more because it was weird than because it was proven to be wrong. Anyway, it proposes that it may be incorrect to say "You could own every single common share issued and it would not give you any say in the company" and I thought that I'd just toss it out there. Again.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=44673699

The aggregate number of shares of stock of all classes which the Corporation shall have authority to issue is 3,068,000,000, consisting of 3,000,000,000 shares of Common Stock, having a par value of $0.001 per share, 28,000,000 shares of Class B Stock, having a par value of $0.001 per share, and 40,000,000 shares of Preferred Stock, having a par value of $0.001 per share."

It also said, and this appears in all prior amendments:
"(b) The provisions of this Article IV of the Certificate of Incorporation shall not be modified, revised, altered or amended, repealed or rescinded in whole or in part, without the affirmative vote of a voting majority of the shares of the Common Stock and of a voting majority of the shares of the Class B Stock, each voting separately as a class."