zardiw, it is impossible for SPNG to come off the grey's until they get up to date on their filings. Something SPNG will not even attempt to do until the SEC matter is resolved.
Think of it as a catch-22.
For SPNG to move off grey's they have to file but what do they put in those filings? if they start reporting the truth they are admitting to the fraud. If they continue with the lies, they are showing contempt to the agency that holds their lifeblood.
My bet, if they file before settlement, the SEC steps right in with an emergency action against the stock since they will consider any filing a pump and dump at this point (Ref: SEC Obtains Final Judgment Against Frank J. Custable, Jr. in Penny Stock Scheme --- architect of a complex and wide-reaching fraudulent penny stock scheme that he orchestrated from November 2001 until the SEC commenced an emergency lawsuit in March 2003 and obtained a temporary restraining order shutting it down.)
There is much more damning evidence against Spongetech including their involvement with stock promoters to manipulate the market and their shady financial arrangements with RME but all of that detail is not public yet. What is public is evidence that they lied in public about their share structure and that is undeniable.
if you haven't been watching, the SEC is under attack from all sides and there is now all this talk of the coincidence of Goldman case vs. OIG report timing. Fortunately here the OIG is very aware of what evidence the SEC has and more than what you have seen, and will not accept another stumble.
So that rumor you heard was just that. most likely started by a stock promoter.
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