Wave Systems Corp. (fka WAVXQ)

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Alea cash-flow,

Were that to play out with any sort of significant up front volume then it would represent ‘the other side’ of the doughnut hole. Obviously Wave isn’t required to exhaust the whole shelf through the ATM facility but assuming they do one can at least hope that the timing of everything is such that they can accomplish the exchange at a more favorable dilution rate than 2.2 a share.
That this is still under the radar short of ever inquiring Wavoids certainly adds some intrigue. The whole bailiwick of Wave disclosure should make for an interesting CC.