Replies to post #190502 on Spongetech Delivery Systems Inc (fka SPNGQ)

[help me]

Carpe, do you think this is a headfake for the shorts?

help me

[wadirum1]

Carpe,

IF this is just a ruse to get people to sell shares, isn't that rather corrupt? The company using a bogus SEC filing to manipulate their share price in this way? Do you realize the magnitude of the allegations you are making?

Heck, I wouldn't put it past SM, but I am surprised to hear this coming from you.

I for one applaud the 1:100 split, but I deplore the 100-fold increase in A/S. It is the A/S piece of the 8K that I suspect as being SM trying to shake loose shares. That's disgusting enough, without thinking that the entire thing (A/S increase and R/S) is a ruse.

Wadi

[OldTymer]

Carpe, my take on this is...

First of all, my computer crashed yesterday, so I didn't have a chance to say this. Just got it up running now.

I can't remember the last time I saw a company announce a reverse split a week before it was going to happen. Just isn't done that way. If a company is going to have a r/s on Friday at the opening bell, a pr is issued the day before, after the market closes. That way, no one can dump their shares. To announce a week in advance is counter productive to what they are trying to accomplish, that being having the price be as high post split. I can't ever remember a company announcing it a week in advance.

Personally, I think SM may have been trying to scare the MM's into covering. However, I don't believe it will happen. There is no reason for a MM to have to cover based on a r/s. Steve is not stupid. He knows this market. He would never release a r/s pr a week before it was going to happen. I would be looking for a pr after the close next Tuesday announcing they have called off the r/s. It's not illegal to do this, however, if there was another reason for it and it turns out not to be good for shareholders, then we have a problem.

This is all just my "I don't know what the hell is going on" opinion.