Wave Systems Corp. (fka WAVXQ)

[dig space]

the shelf is measured in dollars, not shares.

it was a $15m shelf.

That's a 1m shares of they go for $15/sh, or 150m shares if they do for a dime.

The shelf by itself does not give a measure of dilution until consumated, only then does one know how many shares it ended up being.

I don't keep much track these days, but I thought they drew $3.5m and perhaps with something like $2m in warrants (don't know how warrants factor into a shelf) ... call it $5m

At 50 cents against the $10m left Wave could print 20 million shares.