Wave Systems Corp. (fka WAVXQ)

[24601]

In terms of common shares actually held -- not shares beneficially controlled via options, not the enhanced voting weight that attends class B shares -- just real, present equity ownership -- I think 0.55% is probably about right.

Those other things are important. The options represent the leverage that makes rachelelise's point about diversification. But their present, actual skin in the game accounts for less than 1% of the shares outstanding.