Replies to post #170820 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

[wadirum1]

Not sure I understand your post. But you are aware that the Dicon purchase was all cash, right? The cash required was $4.5mm (off the top of my head -- SEC filing has exact price).

At an issue price of around 8 cents each, that would have only required the issuance of around 50mm shares.

[SirZ]

Well we know that in order to uplist to the Nasdaq they would have to do one of the following:

1) Achieve a $4/share pps
2) Reverse merger with another company in the Nasdaq

Option 1 requres either a reverse split (which is supposedly not in the works), or lower O/S to a low enough level to a point where fundamentals warrant this pps. Considering the manipulation this this stock has, I doubt having a low O/S would, by itself, causes the price to get to $4 a share.

Option 2 is a viable possibility. Since Dicon was a private company at the time of purchase, it does not provide the backdoor into the Nasdaq which many were thinking. So, it means that to take the backdoor into Nasdaq they would have to reverse merge with another company which is already trading there.