Tuesday, May 26, 2009

Spongetech Raises Authorized Shares AGAIN!

It was only a matter of time -

"Effective May 19, 2009, Spongetech Delivery Systems, Inc. (the "Company") amended its Certificate of Incorporation to increase its authorized capital from 1,860,000,000 shares to 2,060,000,000 shares consisting of 2,000,000,000 shares of Common Stock having a par value of $0.001 per share, 20,000,000 shares of Class B Stock having a par value of $0.001 per share, and 40,000,000 shares of Preferred Stock having a par value of $0.001 per share.

The action had been approved on May 18, 2009 by Company stockholders holding a majority of the voting power by written consent in lieu of a meeting."


As you can see by viewing any SPNG chart, the PPS peaked for a split second on May 19th at 0.056 and then started it's decent,,,, once again. And let us not forget that 0.056 was our peak PPS last time on June 9, 2008. 
It would seem that 0.056 is a HUGE RESISTANCE for SPNG.
or maybe that is just the PPS that management likes to open the floodgates at.

I guess we can safely assume that the Bank Line-of-Credit we heard about on April 23, 2009 is a no-go.
"Final execution of a definitive agreement with regards to the credit facility is subject to completion of due diligence and negotiation of definitive loan documentation, among other things."

I bet it was the "among other things" clause that got us.
Of course I have no proof of this as Steven Moskowitz will no longer answer my email questions. I can only assume he does not like being quoted in the press.

So lets see, on May 18th 2009 the action to approve the A/S increase passed a vote and on May 19th 2009 the PPS started to TANK!!!!!!!!!!!
What a coincidence.
Damn the luck.

I am going to cut this post short and while you folks chew over these facts I will do some serious in-depth research on dates and figures and Press Releases and I will get back to you, my readers, in due time.

Thank You,,,Moe Speeks

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