LETS GO QASP!!!!!!!! run good for the bassmaster and team please!!!!
i love this thread. bill reminded me in a private message the beauty here:
"We are so unique in Market Watch..it is the most well disciplined and cooperative forum that I have ever been involved with. The reason - NO RULES...NO DICTATORSHIP...just suggestive cooperation and helping each other. "
AMEN... gn and gl tomorrow in everyones trades.
dr dave. you had asked me about my sirius options...i actually have 255 contracts not 245. i paid an avg of .20 for each one. i believe the value was at .25 when sirius was trading in the 70's. it was a 20% increase in value. i am not holding to execute , i am holding to trade - hopefully on the next CC run up. i used some of my profits from my sub penny plays to finance this move.
what kind of profit am i looking at if sirius goes to a dollar or above. i really have no clue. not good DD but i felt like gambling and i am fairly confident sirius should hit at least 1 dollar by march.
SpongeTech® Delivery Systems Announces Reverse Stock Split to Move Closer to NASDAQ Listing
SPNG06:00 EDTBusiness Wire
SpongeTech® Delivery Systems, Inc. (“SpongeTech”) “The Smarter Sponge™”, (OTCBB: SPNG) today announced that its Board of Directors has unanimously approved a reverse split of SpongeTech®’s issued and outstanding capital stock at a 1-for-100 split ratio. The reverse stock split, which is expected to take effect on September 22, 2009, subject to receipt of necessary regulatory approvals, has also been approved by the holders of more than a majority of SpongeTech’s voting capital stock.
The same 1-for-100 reverse stock split ratio will be used to effect the reverse stock split of SpongeTech®’s issued and outstanding common stock, Class B Stock and preferred stock. Accordingly, all stockholders will be affected proportionately.
“This reverse stock split – which we believe will bring our company’s Wall Street profile in synch with our business profile – is another important step in the development of SpongeTech,” said CEO Michael Metter. “Combined with our recent engagement of Deloitte Touche LLP as our public accountants and our plan to apply for a NASDAQ listing, the reverse stock split demonstrates our commitment to establishing SpongeTech as a world-class company whose capital structure, operations and infrastructure all match the impressive sales growth we are achieving.
“We continue to expand our product portfolio, licensing agreements, and sales and marketing programs, and are very excited about the record-breaking order flow these efforts are producing. Our July 2009 acquisition of Dicon Technologies, a recognized product innovator with exceptional R&D capabilities, established distribution channels in the U.S. and Asia, and many large, direct commercial customers, perfectly positions us to leverage the many exceptional opportunities in our targeted marketplace. We’re committed both to building SpongeTech into a global player and building shareholder value, and this step will help us realize each of these goals.”
An amendment has been filed with the Delaware Secretary of State that amends SpongeTech’s certificate of incorporation for the reverse stock split, effective as of 5:00 pm ET on September 22, 2009. SpongeTech has also begun the approval process with the appropriate regulatory authorities.
In conjunction with the reverse stock split, the Board of Directors and the holders of more than a majority of SpongeTech’s voting capital stock have approved a decrease in SpongeTech®’s authorized capital. The post-split authorized capital will be 900 million shares of common stock, 25 million shares of Class B Stock and 40 million shares of preferred stock.
As a result of the reverse stock split, every 100 shares of SpongeTech’s stock will be combined into one share. Options, warrants and other stock-based awards will be adjusted on a similar basis. SpongeTech will not issue fractional shares in connection with the reverse stock split. Any fractional share which might result from the reverse stock split will be rounded up to the nearest whole share.
shots, what do you think of that?
it looks really bad that it says after the split the common shares will be 900million, that would mean shares are at 90 billion now? not good if thats true but how could it be....
i was fine with a 1:10 split and expected it but that news seems rather confusing considering the A/S was supposed to be down to 900MM already and the O/S down to at least 722MM.
spng pr can it be an error? how could they have gone from 1.6 billion shares to 90 billion shares since may, which is what would have to happen for them to have 900 million post split....
Yeah romo something doesnt seem right here. If they were diluting THAT heavily, I doubt the stock would have gained as much ground as it has.
im fevereshly trying to figure this out...
so it affects issued and outstanding stocks....according to here authorized shares are not considered issued, but are they outstanding?The same 1-for-100 reverse stock split ratio will be used to effect the reverse stock split of SpongeTech®’s issued and outstanding common stock, Class B Stock and preferred stock. Accordingly, all stockholders will be affected proportionately.
http://www.activefilings.com/en/info...faq_shares.htmso then in the pr it states thisWhat are Authorized Shares?
State law specifies that shares of stock in the corporation will be issued under the direction of the board of directors. But, since the corporation is set up to benefit the shareholders, the shareholders set, or limit, the number of shares the directors are "authorized", or allowed, to issue. Since the directors are not allowed to issue shares without authorization from the shareholders, the number of authorized shares is equal to the number of total shares.
What's the Difference Between Issued and Authorized Shares?
The board of directors control the issuance of stock. Authorized shares is the total number of shares of stock that the board of directors are "authorized" to issue to shareholders. The board may issue all the shares now, or issue some now, and some later.
Authorized shares become issued shares when "issued" or distributed to a stockholder. Shares that are not issued are usually called authorized but UN-issued shares. UN-issued shares belong to the corporation and are not considered for shareholders' ownership percentages.
I don't think the authorized shares are hit by the R/S thats why it says 900 million common after the reverse because that would be the authorized.In conjunction with the reverse stock split, the Board of Directors and the holders of more than a majority of SpongeTech’s voting capital stock have approved a decrease in SpongeTech®’s authorized capital. The post-split authorized capital will be 900 million shares of common stock, 25 million shares of Class B Stock and 40 million shares of preferred stock.
no doubt im super confused and worried...but i have to be right here because 90 billion outstanding shares would mean they diluted since May to the tune of over $9BB and there is no reason to have $9BB cash for this company, they could buy Sirius if they had diluted like that...
something is up and im not reading it right unless i figured in out in the quotes above.
I think they are really F'n up here. There is an 8k on pinksheets.com which states :
On August 28, 2009, Spongetech Delivery Systems, Inc. (the “Company”) filed a Certificate of Correction to the Certificate of Amendment to its Certificate of Incorporation (the “Amendment”) with the Secretary of State of the State of Delaware that effects a one-for-one hundred reverse split (the “Reverse Split”) of all of the issued and outstanding shares of each of the Company’s common stock, par value $0.001 (the “Common Stock”), Class B stock, par value $0.001 (the “Class B Stock”) and preferred stock, par value $0.001 (the “Preferred Stock”). Any fractional shares will be rounded up to the next highest whole share. The Amendment also reduces the aggregate number of authorized shares of the Company’s capital stock to 965,000,000 shares, consisting of 900,000,000 shares of Common Stock, 25,000,000 shares of Class B Stock, and 40,000,000 shares of Preferred Stock (the “Authorized Share Reduction”).
I mean, I dont think they would put it in the 8k if it wasnt true???
What did the 10k say about share structure? What is the spoke saying about this?