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SpongeTech(R) Delivery Systems, Inc. Receives Delisting Notification from FINRA and Requests Appeal Hearing
3:30p ET October 2, 2009 (Business Wire)
SpongeTech(R) Delivery Systems, Inc. (the "Company") "The Smarter Sponge(TM)", (OTCBB: SPNGE), today announced that on September 25, 2009, the Company received a letter from the Financial Industry Regulatory Authority (FINRA) stating that, pursuant to NASD Rule 6530, the Company is required to file with the Securities and Exchange Commission its Annual Report on Form 10-K for the year ended May 31, 2009 (the "Annual Report") by no later than October 16, 2009. If the Company does not comply with this requirement, the Company's shares of common stock would not be eligible for continued quotation on the OTC Bulletin Board. The Company is requesting an appeal hearing with FINRA regarding the determination of the Company's security listing eligibility.
The Company previously announced that the delay of its filing Form 10-K for FY '09 was due to the Company's former auditor's difficulties with the PCAOB (Public Company Accounting Oversight Board). As a result, the Company's financial statement for the 2008 fiscal year is being re-audited and the financial statement for the 2009 fiscal year is being audited by the Company's new auditing firm, Robison, Hill & Co. The Company and its auditors are using their best efforts to complete the audit and file the Annual Report by no later than October 16, 2009.
After the submission of the 10-K/A for fiscal 2008 and the 10-K for fiscal 2009 year, Deliotte & Touche LLP will assume responsibility for the audit of the Company's financials beginning with the fiscal 2010 year that began June 1, 2009.
About SpongeTech(R) Delivery Systems, Inc.