Replies to post #197741 on Spongetech Delivery Systems Inc (fka SPNGQ)

[wadirum1]

Weeble,

The filing on 8/21 did NOT have effective date of 9/22 for the 900mm A/S. You can verify this with DE SOS. The 8/21 reduction was effective immediately, and nothing the company has filed since that time has rescinded that change.

Also, email Moskowitz and ask him what the current A/S is (he'll say 965mm of which 900mm is common).

Also, look at the most recent PR -- they again state 900mm is the current A/S, despite the fact that the PR is mostly about the A/S "reduction" on 9/22.

I am convinced that the current A/S is 900mm right now and has been at 900mm since 8/21, but do you have any evidence to refute this?

That being said, one of the things that really sticks in my craw is Metter's remarks in the most recent PR. He is basically crowing about what model stewards they are in setting the A/S at 300mm post split. Does he think we are all fools? Is HE a fool? Gotta be one or the other, because 300mm post-split is like 30 BILLION pre-split. I doubt that even Metter would have the gall to come out with a PR stating that we should all be thrilled because they just raised the A/S to 30B...

Wadi

[Caddyshaq]

and wouldn't these guys go away for a looooong time if they were busted for this type of crap?

[underdog150]

Good post weeble, at least some here get it.
Why else would they delay the 10K until the last possible
minute. All those soon to be retired shares they bought back will look great in the maybe to be filed, already late, 10K.
This company manipulates everything to suit their stated goals
off the backs of shareholders, while they rake it in hand over fist.
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The theory would be that they filed on August 21st to reduce the a/s to 900m and have a 250/1 RS on sept. 22nd, knowing that Delaware would report the CURRENT a/s at 900M (which it's not, just like it's certainly not 300M now despite what Delaware will tell you). That sent the stock price higher. Then SPNG sold tons of stock in the high teens and 20s. Then revealed the r/s tanking the stock, allowing them, thru AYME, to buy back the stock they sold at a much lower price. Then could can the r/s and then sell stock again at higher levels if they want. Insider trading and stock manipulation at it's finest.

OR, they're still selling as much stock as they can and the 10K is never going to come out.