UPDATE: The much awaited trailer has finally been revealed! watch it below!

In commemoration of its fifteenth year anniversary, The Spongebob Squarepants franchise will be releasing its second film entitled The SpongeBob Movie: Sponge Out of Water!

Every five years since it first came out, the show releases specials to celebrate its anniversary. In 2004, The SpongeBob SquarePants Movie premiered out in theaters. In 2009, Truth or Square premiered on television, and in 2015, The SpongeBob SquarePants Movie 2 will premiere in theaters, celebrating 10 years since the premiere of The SpongeBob SquarePants Movie and 15 years since the premiere of the show.

According to its official Facebook fan page, the plot is confirmed that a pirate named Alameda Jack (Antonio Banderas) will steal the Krabby Patty formula, and the gang must travel on to land to get it back. But it turns out, the only way to save it is to transform into the ultimate superheroes! It also confirmed that the film will be viewed in CGi, Live action, and Mostly 2D.A teaser trailer will be released soon.

Here are some photos from the set:

The SpongeBob Movie: Sponge Out of Water is directed by Paul Tibbit (writer and producer of the "SpongeBob SquarePants" animated series) and written by Kung Fu Panda 2 writers Jonathan Aibel and Glenn Berger. No plot details are yet available, but Tom Kenny will reprise his voice role as the titular character, and many of the other characters from the animated series are expected to return as well. Paramount Pictures will release the sequel in 3D in theaters everywhere next year on February 6th, 2015.