Replies to post #30844 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

[rdailey4]

Wrinkles, calm down friend. I understand it being hard to believe prices at .50, 1.00, and up. But, if the company announces that all the float is in their hands, then that means that they have been selling air shares to us all this time, and they know it. The only thing they can do is to cover those shares and it really isn't up to them what they pay for them, it's up to us. Some will accept .10, some will accept .20, and so on. But some, like me, are looking for 1.00 and up. It may be a rocky ride for a bit while they play games running it up and then down, but in the end, if it plays like a true squeeze should, they will be paying some pretty big amounts to those that hold. One thing that could really make this happen would be if the company is changing names, or there is a buyout. Then there would be no such thing as a share of Spongetech, so they would have to eat every share they sold, at our price. Sweet.

[Ogclip ©]

THere is NO other reason for a company to increase the AS other than dilution..

I recently had a conversation with Steve the CFO last week... The guy sounds like every other Con artist I've spoken to in the past..

I asked him a simple question regarding the OS and he avoided the answer at all costs... He told me that the OS hasn't "drastically" changed ( WHich obviously means it higher ) Then the guy was asking me if i wanted to hear about the reveues and whatnot.. I told him no because that is meaningless if they continue to sell shares, and that is not the answer im looking for .. It seems to me that he was doing everything he could to change the topic...

[printmail01]

Per SEC filings SPNG has been heavily dilluting over the last year. Per filings the O/S has gone from 58 million to 800 million plus in a year....

October 12, 2007,
58,842,406 shares of common stock issued and outstanding.
http://www.sec.gov/Archives/edgar/data/1201251/000114420407054263/v090256_10qsb.txt

January 10, 2008
111,842,406 shares of common stock issued and outstanding
http://www.sec.gov/Archives/edgar/data/1201251/000114420408002171/v099655_10qsb.htm

April 11, 2008,
196,294,078 shares of common stock issued and outstanding.
http://www.sec.gov/Archives/edgar/data/1201251/000114420408022423/v110634_10qsb.htm

July 16, 2008 (8k)
399,955,873 shares of common stock issued and outstanding.
http://www.sec.gov/Archives/edgar/data/1201251/000114420408042150/v121013_8k.htm

August 28, 2008,
521,085,873 outstanding shares of Common Stock
http://www.sec.gov/Archives/edgar/data/1201251/000114420408050704/v125324_10ksb.htm

As of October 14, 2008
809,885,873 shares issued and outstanding.
http://www.sec.gov/Archives/edgar/data/1201251/000114420408057701/v128905.htm#notes

Effective October 8, 2008, the Board of Directors of the Company amended the Company’s Certificate of Incorporation to increase its authorized capital to 1,000,000,000 shares consisting of 950,000,000 shares of common stock, par value $0.001, 40,000,000 shares of preferred stock, par value $0.001, and 10,000,000 shares of Class B Stock, par value $0.001. The Class B Stock is a newly created designation.
(same filing as above)

IMO The O/S - A/S is just one of MANY red flags I found doing some prelim DD into SPNG.