Very interesting - They will be paying the bridge loan off with unregistered securities. http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0000899140-15-000785%2Etxt&FilePath=%5C2015%5C11%5C03%5C&CoName=WAVE+SYSTEMS+CORP&FormType=8-K%2FA&RcvdDate=11%2F3%2F2015&pdf= SEC filing