SPIN, quick correction,
Series H convert to A if stock stays at or above 1.90 for 15 of 20 days.
Forced Warrant conversion is 18 months away
From S3
Subject to certain conditions, each share of Series H Stock carries a mandatory conversion provision whereby if the closing bid on Wave's Class A common stock exceeds $1.90 for 15 of 20 consecutive trading days, the Series H Stock shall automatically convert into Class A common stock at the conversion price then in effect.
The Warrants are a different matter...
The Series H Warrants have a five (5) year term and an initial exercise price equal to $1.13 per share. Commencing eighteen (18) months after April 30, 2003, Wave may call up to 100% of the Series H Warrants if the market value of its Class A common stock exceeds 250% of $1.13 (subject to adjustment pursuant to the terms of the Series H Warrants) for a minimum of fifteen (15) business days during any twenty (20) consecutive business day period.
Hope this helps.
"Absence of evidence is not evidence of absence. - Carl Sagan
