liquidated damages, by definition, are not a penalty.
the quoted provision indicates as much.
i am not predicting the "worst case scenario" but rather have presented factors worth considering that are significant fundamental obstacles for the Company to overcome. in the sitchy w/the SEC, you have seemingly inferred a conspiracy theory from my posts that the Commission will deliberately delay some assured approval. who knows, maybe the Dean-Trippi-Wave connection created some "payback" (SEC is w/in executive branch), though i highly doubt that, just as i doubt the "smoking man" on X-Files assassinated JFK.
the reality is that the company is under investigation for possible stock fraud & insider trading. you can disregard it all you want, but that is a fact. moreover, there is an absence of disclosure of the majority of the class action claims filed which presumably requires an amended prospectus, at minimum.
it is also a fact that day 90 is also a federal holiday, so it is certain that the SEC won't be addressing Wave's filings on that day (or any other company's).
it seemed that prior goinup posts suggested that the shares were effective by virtue of the filed prospectus, which is not the case.
the PP shares remain illiquid, but the PPers have certain provisions which afford them protection in the event of such circumstances. IMO, 6% of the total proceeds received by Wave become due & owing as of IDF as liquidated damages. in the event that Wave doesn't pay the LDs w/in 7 days (the following tuesday), an additional 15% APR kicks in for any period where the LD payment is in default.
no matter how you slice it, Wave needs revs in the worst way & revs would make some of their immediate problems go away.
