Wave Systems Corp. (fka WAVXQ)

[RootOfTrust]

julesg I don't see your point. Who would exercise options that were underwater? If you were underwater, you would have no equity. If you were abovewater (in-the-money), you could exercise, cash your equity, or use it to buy some shares. Sometimes they take the cash, sometimes they use some or all of the cash to buy shares...but if the options expire underwater, they are worthless.