Replies to post #250566 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

[lucky, mydog]

they are eligible to have their registration revoked for failing to file.

[starfire]

I would say, if they do not get current in all their filings, form 3,4 , 8K, 10K etc then the chances of them getting up listed is nil. I don't think there is a timeliness while on the Grey but timeliness gives them a plus point if and when they apply for the 211. IMO.

[loanranger]

The Form 3 (and Form 4) is not a FINRA regulated form, so I don't believe that the OTC market tier has any bearing on the requirement.

The 10% ownership must be in an "issuer with a class of equity securities registered pursuant to Section 12 of the Securities Exchange Act of 1934" and as you point out it is not an obligation of the issuer.

Given that the company's status viv-a-vis registered pursuant, etc. has not been changed I believe the individuals filings are still required. The 13 G issue is more complicated and I'm going to duck it.

Hopefully happyguy will weigh in.

[happyguy72]

wadi... it is an interesting situation... i have some feelers out to understand the reporting requirements of 3rd party filers given the timing of the 8a and the subsequent delist

so far, this is an anomoly that my friends (and these friends are NOT anyone you would know, btw) haven't seen before--unchartered waters for some reasonably versed folks...

i'll let you know. the initial conversation after the grey market listing was.... nobody is required to file anything.


yet, not only is the company filing form 3's... we now have external parties filing ownership... that was a surprise.