Wave Systems Corp. (fka WAVXQ)

[rachelelise]

spin - you're spinning take a break

I took the comment to be from the past ( thus those employees only now know that Wave is under a SEC investigation and not then) and also I believe that we have heard in public that NSM has design wins as in plural). As to whether this is even material is in the eyes of the beholder. Would your investment in Wave be meaningfully impacted if you heard that NSM has in fact some sort of design win with an OEM given all that you had heard before. I seriously doubt it and that is the criteria for materiality. It is perfectly ok to secure non material non public information.

As for the SEC, I suspect it might be more difficult to sell additional unregistered shares if there is still a SEC investigation underway but I actually would be surprised if an accredited (or the higher standard) wouldn't be permitted to buy those authorized shares even then. But I don't see any need to sell additional shares in January unless you've concluded your investigation and determined that wave has to return the proceeds from their most recent deal back to the investors. But that is not what I would anticipate based on what we've heard so far.