well now that SpongeDog has to punch the clock :sadwave: & just in case he's not like woody on the internet all day at work :mj07:
SpongeTech? Delivery Systems Takes Steps to Reduce Authorized Common Shares to 300 Million
CEO Michael Metter commented, "This is another significant reduction in SpongeTech?s authorized share structure. The actions we have taken demonstrate that we are prudent with the issuance of our stock and committed to making the right decisions for the Company?s long-term interests.?
COO Steven Moskowitz added, ?The reduction illustrates our determination to provide clarity with respect to SpongeTech?s capital structure and enhance our stock?s desirability for both current and prospective investors. We believe this step, combined with our planned listing on NASDAQ and our many initiatives to expand the company?s product portfolio and market penetration, will help elevate SpongeTech?s profile and gradually establish our Company as a global player.?
SpongeTech?s authorized common shares refer to the maximum number of common shares that the Company is permitted to issue. The term outstanding shares refers to the number of shares the Company has issued and are currently held by investors and shareholders. The Company?s outstanding shares are the shares that will be subject to the previously announced reverse stock split.
In addition to the 300 million shares of common stock, SpongeTech?s post-split authorized capital will include 25 million shares of Class B Stock and 40 million shares of preferred stock.
