Who would exercise under water options, unless they thought the future value of those options would appreciate. The fact that he seems ready to let the options expire worthless speaks volumes to the CEO's real opinion of Wave's future.
I wonder what the basis of his new options will be?
Most Shareholders have shares "underwater." All this would be much more agreeable if we were offered some "deal." Issue us warrants (say 1 warrant for every 10 class A shares) @ current market value, exercisable by 9/30/07. If the share price increases, we exercise and fund the company - no need for any later PP. If possible, it would be much more equitable. 4.2 million warrants exersised @ $2.75 = $11.5 mm.
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