Wave Systems Corp. (fka WAVXQ)

[SPIN]

that's closing *bid* shute, not closing price...

looks like wavx will begin day 12 (of 30) in less than 15 hours:

http://stockcharts.com/def/servlet/SC.web?c=WAVX,uu[l,a]daclyyay[da][pb50!b200][vc60][iUp14,3,3!La12...

Naz notice should arrive in < 1 month (09/13/04) & given Wave's baggage (most notably having been delisted once before, SEC investigation, double digit class actions & derivatives & no measurable business being conducted), NASD might not be too sympathetic to Wave's appeal.

also, the if-come of the warrants may never arrive & if Wave doesn't dump the remainder of the SSPX soon, they'll prolly be shopping for a new loan shark this Q.

there might be another P&D coming to (attempt to) prevent delisting in the near term & could be a good trade for people willing to swallow the immense risk & willing to "invest" in that manner.

but you *still* have the Berlin listing out there & that loophole could become a big P&D problem if there is (as opposed to was) naked shorting.

good luck!