ERF Wireless, Inc. (ERFB)

[nick7771]

Wrong again Bert old boy. Most astute stockholders do not exercise the warrant with the company but would more likely flip the warrant with their broker when they are in the money. The broker does a two sided transaction consisting of buying the stock at the warrant price from the company and selling the resultant stock on the open market at the same time. The broker then sends the company the warrant exercise price and sends the warrant holder the spread minue the broker commission. Again if the company has registered the warrant and the stock underlying the warrant and listed the warrants there may even be a secondary market for the warrants where they can be bought and sold through the exchange. In that case they would trade just like common stock until exercised.