Replies to post #195554 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

[nole92]

I know this wasn't for me, but here's my reply:

I'm one of those "weak hands" that sold because of the uncertainty about the OS after the announcement of the RS. Are you at all concerned that the OS is going to be more than 7.23 million after the RS?

Not too concerned because I have no reason to believe that. I know the bashers would like you to think otherwise.

How will you feel if on Sept 22 you find out the OS is also 300 million? I'm not saying that will happen because I don't know. But, the point is no one really knows.

The company is happy to offer us "clarity" concerning the AS. Why not some "clarity" about the OS?

And, yes I'm bitter. I think this RS is ridiculous and a terrible way to treat current shareholders.

Once again, Spongtech has posted several PR's about the O/S. The last one said the o/s was around 722MM and they were still buying back shares with a goal of 500mm outstanding. They don't need to put a PR every other day because there are 1000 bashers out on the message boards trying to tell you otherwise.

If I find out the O/S is 300 million after the split...well, that's about the same odds that the post pps is $1,000.

[no_BS_plz]

I am not saying, nor will I ever say, that you should hold your shares, trade them, or sell them.

What I will do is express my opinion the way I see it.

If some shareholders, such as yourself, are not real happy with mgmt, I think the feeling is mutual. Not saying what is right or wrong, just saying mgmt has drawn that line in the sand, as my previous stated.

Get in or get out. You are the only one who can make that choice.


Now, the math part, and why the O/S CAN'T be 300M. Per the Del SOS, there are currently 900 A/S, meaning that is the MAXIMUM # of shares that can be O/S.

"IF" a 1:100 r/s is executed, that would bring the MAXIMUM O/S to 9M. They would have to dump 291M shares on Sept 22 for that to occur.

The current A/S would have to be 30B and every share also O/S to reverse to 300M.

I am quite sure I am not mistaken in any of my figures, so do not really understand your post with regards to the 300M O/S.

Now the part that most everyone seems to have forgotten...and I work with Big 4 firms on a nearly daily basis so am qualified to speak on the subject...Deloitte & Touche has their hands in everything going on right now, and I promise you that there will be no massive dump or any wrongdoings with the filing (which will be on time) or anything else related to ANY filings.

Will every whim of every shareholder be catered to? Well, only if those whims are related to continue to grow the company for maximum LONG-TERM benefit.