Spongetech Delivery Systems Inc (fka SPNGQ)

[puppydotcom]

The shares sold by the insiders on phony opinion letters are now in the float. They're considered illegal shares by the SEC due to the false opinion letters. What happens is the company has to suffer for the insiders dirty deeds in issuing and selling illegal shares. This is why the SEC went after them ( one of the reasons ) and this is why the company will be revoked ( again just one of the reasons ) and when the company is revoked, the share holders lose and all shares become worthless.