Nice Find there
SpongeTech has been on the OTCBB Threshold Security List (anaked short lista) a total of 85 trading days since January 1, 2005 and is presently on the list from July 24, 2009 to through August 25th, a total of 23 consecutive trading days. Short sellers and the broker dealers accepting their short sale orders are out-of-compliance with the new Reg SHO buy-in requirement at the time this report was generated. In late October 2008 the SEC updated Regulation SHO requiring that all short sellers must locate, borrow and deliver any shares they have shorted, no exceptions, by T+3 settlement date. If not, a buy-in must be forced by the broker dealer that the short seller transacted through by the opening of the market on T+4. Since a company first appears on the naked short list when short sellers have been failing to deliver for 5 consecutive trading days, SPNG should theoretically never be on the naked short list again. BUYINS.NET will monitor the OTCBB naked short list daily and issue an alert and notify the SEC and FINRA