Replies to post #232663 on Spongetech Delivery Systems Inc (fka SPNGQ)

[bwog]

If the appeal is granted and they are allowed to 'piggyback', it should be for whatever exchange they were on.

For example, if they were on the OTC, they will stay on the OTC but only if they are also in compliance with being a fully reporting stock.

This is a case by case basis, hence it's a hearing. There's no one size fits all answer for this.

[TEX]

I have no idea what he's talking about.

Non-exchange stocks end up on greys following either an SEC suspension or a full-blown FINRA halt.

There *is* some kind of FINRA hearing involved in OTC elegibility when re-applying, but that's later when trying to come back. But mid-stream, there's no appeal to lift a suspension.

[Jim Bishop]

SPNG said they were appealing to FINRA about getting the E and being bounced down to the Pinks. That appeal has absolutely nothing to do with the SEC suspension.

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On September 25, 2009, Spongetech Delivery Systems, Inc. (the "Company") received a letter from the Financial Industry Regulatory Authority ("FINRA"). The letter states that, pursuant to NASD Rule 6530, the Company is required to file with the Securities and Exchange Commission its Annual Report on Form 10-K for the year ended May 31, 2009 (the "Annual Report") by no later than October 16, 2009. The Company's shares of common stock will not be eligible for continued quotation on the OTC Bulletin Board if the Company fails to comply with this requirement. As previously disclosed, the Company is filing its Annual Report late because its former auditor, Drakeford & Drakeford, LLC, had its registration revoked by the Public Company Accounting Oversight Board.

If the Company does not request a hearing with a FINRA Hearing Officer, or file its Annual Report by October 16, 2009, it is anticipated that the Company's shares of common stock will be delisted effective October 20, 2009 as set forth in the FINRA letter. On October 2, 2009, the Company requested an appeal hearing with a FINRA Hearing Officer. In addition, the Company and its auditors are using their best efforts to complete the audit and file the Annual Report by October 16, 2009.