Spongetech Delivery Systems Inc (fka SPNGQ)

[loanranger]

No need to apologize, but you missed the main point of the post.

"Wasn't sure things were abundantly clear since the author mistook the different defintions of authorized, one being restricted shares authorized (being permitted) to be sold on open market, the other being what has been agreed upon by BOD AND approved by SEC."

There aren't different definitions of authorized. I provided the only definition of authorized that is recognized by US securities laws. Restricted shares that become available for sale on the open market don't become authorized, they were ALREADY authorized. Frankly, even the term "permitted" isn't proper. Shares that are released from restricted status are simply THAT. The terms "authorized" and "permitted" have lay, not legal, definitions in that context.

Please cite the regulation by which the SEC APPROVES (your term) the number of shares that a company's BOD authorizes.