Wave Systems Corp. (fka WAVXQ)

[SPIN]

vc-24 is correct.

the effectiveness of the modifications is a condition precedent to the exercise of the warrants, but does not necessarily require the exercise.

a couple of commas (parens even better) prolly woulda helped:

"The exercise of the Series H Warrants[,] upon effectiveness of the modifications and waivers[,] will result in approximately $1.9 million of cash proceeds to Wave."

your interpretation is understandable based on the lack of those commas & the language does make it seem as though the $1.9 flows from the effective date, but IMO, 24/RWK's interpretaion is the accurate one. FWIW.

regards,

SPIN

PS Jean Valjean