I think the company seem to have a products that is selling well. I've tried them and they work well. They have a good advertising plan. Most things involving the business end of SPNG appear to be in good condition.
The issue is with the shares, and many people including myself just don't think the company has been completely honest about what is going on in that area. So to be honest SPNG cannot expect to trade on the Nasdaq with this kind of non transparency. Consider this... when/if SPNG does move to the Nasdaq it will no longer be protected from regular investors wanting to short it. Anyone with a margin account even based here in the US would then be able to short the stock should they so choose. In the absence of complete transparency I believe they would tear this stock down to shreds.
I think if the company truly wanted to be on the Nasdaq they would just make all information available including ungagging the T/A. The reasons they don't remain a mystery, but it doesn't take a leap of faith to come to the conclusion that there are aspects they really don't want people knowing, and that alone should be enough concern.
Scam ... NO. Business savy ... Yes Forthcoming ... not really. Sneaky ... possibly.
There are a lot of phrases to describe SPNG.
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