Replies to post #291884 on Spongetech Delivery Systems Inc (fka SPNGQ)

[spongeboy]

Pike is our biggest legal shareholder at 160,000,000 shares (I think there are 900,000,000 counterfiet shares still floating around) Pike is averaged in at .1029 looking for a $1.35 PPS - he took a $16,000,000 position in a grey - I will sell when he sells - see you all at $1.35



Pike purchased his initial 100M shares at $0.1385

SEC filings show him averaged in at .1029


from spngdd.com all footnote reference SEC filings


A topic of interest is Pike’s averaged-in price. As we know from the filings, Pike now has 160M shares invested, and if we know his averaged-in price then we can compare our own average price to see where we stand.

From Pike’s filings [1,2,3,4] we can construct the following table:

Date Shares Price Value Reference
9/28/09 100,000,000 ? ? 1
10/19/09 1,735,470 $0.0313 $54,320.21 2
10/20/09 1,178,680 $0.0332 $39,132.18 2
10/21/09 1,789,395 $0.0632 $113,089.76 2
10/23/09 228,736 $0.0568 $12,992.20 2
10/19/09 13,264,530 $0.0313 $415,179.79 2
10/20/09 8,821,320 $0.0332 $292,867.82 2
10/21/09 13,210,605 $0.0632 $834,910.24 2
10/23/09 1,771,264 $0.0568 $100,607.80 2
12/22/09 192,000 $0.0480 $9,216.00 3
12/22/09 219,200 $0.0490 $10,740.80 3
12/22/09 208,800 $0.0500 $10,440.00 3
12/22/09 1,008,000 $0.0480 $48,384.00 3
12/22/09 1,150,800 $0.0490 $56,389.20 3
12/22/09 791,200 $0.0500 $39,560.00 3
1/6/10 388,800 $0.0400 $15,552.00 4
1/6/10 112,000 $0.0390 $4,368.00 4
1/6/10 208,000 $0.0370 $7,696.00 4
1/7/10 1,621,089 $0.0400 $64,843.56 4
1/6/10 2,041,200 $0.0400 $81,648.00 4
1/6/10 588,000 $0.0390 $22,932.00 4
1/6/10 1,092,000 $0.0370 $40,404.00 4
1/7/10 8,378,911 $0.0400 $335,156.44 4
Suspiciously missing is the price paid for the initial 100M shares. For the rest of 60M shares, the total purchase price was $2,610,430.

The key to figuring out the price of the initial 100M shares is in the SC 13D/A filing of Jan 8, 2010. In it, it states:

The source and amount of funds used by the LP Fund in making its purchases of the shares of Common Stock beneficially owned it by the Reporting Persons are set forth below:

SOURCE OF FUNDS Working Capital
AMOUNT OF FUNDS $2,350,681

The source and amount of funds used by the QP Fund in making its purchases of the shares of Common Stock beneficially owned by it are set forth below:

SOURCE OF FUNDS Working Capital
AMOUNT OF FUNDS $14,107,606

Therefore, a total of $16,458,287 was used to purchase all 160,000,000 shares, and from the easy formula of $16,458,287 divided by 160,000,000 shares we see that Pike’s averaged-in price is approximately $0.1029.

Furthermore, a bit of elementary math yields:

Date Shares Price Value
9/28/09 100,000,000 $0.1385 $13,847,857.00
And we see that Pike purchased his initial 100M shares at $0.1385. From this pricing information, we can infer that he actually purchased these shares around 9/9/09 to 9/15/09, as that was when the stock last traded around that price.