SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No. 3)
Wave Wireless Corp (f/k/a P-Com, Inc.)
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(Name of Issuer)
Common Stock, par value $0.0001 per share
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(Title of Class of Securities)
94352W106
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(CUSIP Number)
December 31, 2006
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[_] Rule 13d-1(b)
[X] Rule 13d-1(c)
[_] Rule 13d-1(d)
(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).
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CUSIP No. 94352W106 13G Page 02 of 09 Pages
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1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SDS Capital Group SPC, Ltd.
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
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3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 11,888,633 (1)
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 0
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 11,888,633
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 0
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,888,633
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.99% (1)
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12. TYPE OF REPORTING PERSON*
CO
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(1) Includes 27,635,340 shares issuable upon the conversion of 276.3534 Series J
Convertible Preferred shares; 488,680 shares issuable upon conversion of 244.35
Series G Convertible Preferred shares and 15,870,234 shares issuable upon
exercise of warrants. The Reporting Person may not convert the convertible
preferred or exercise the warrants to the extent such conversion or exercise
would result in the Reporting Person beneficially owning in excess of 9.999% of
the Issuer's issued and outstanding shares of common stock.
________________________________________________________________________________
CUSIP No. 94352W106 13G Page 03 of 09 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
SDS Management, LLC
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 11,888,633
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 11,888,633
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,888,633
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.99%
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
CO
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
________________________________________________________________________________
CUSIP No. 94352W106 13G Page 04 of 09 Pages
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1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Mr. Steven Derby
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 11,888,633
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 11,888,633
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,888,633
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.99%
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
________________________________________________________________________________
CUSIP No. 94352W106 13G Page 05 of 09 Pages
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Item 1(a). Name of Issuer:
Wave Wireless Corp.
Item 1(b). Address of Issuer's Principal Executive Offices:
1996 Lundy Avenue
San Jose, CA 95131
Item 2(a). Name of Person Filing:
SDS Capital Group SPC, Ltd. ("SDS Capital Group")
C/o Ogier Fiduciary Services (Cayman) Ltd.
113 South Church Street, PO Box 1234GT
George Town, Grand Cayman
Cayman Islands corporation
SDS Management, LLC (the "Investment Manager")
53 Forest Avenue, 2nd Floor
Old Greenwich, CT 06870
Delaware limited liability company
Mr. Steven Derby
Sole Managing Member of the Investment Manager
53 Forest Avenue, 2nd Floor
Old Greenwich, CT 06870
United States citizen
SDS Capital Group, the Investment Manager, and Mr. Derby are
collectively referred to herein as the Reporting Persons.
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CUSIP No. 94352W106 13G Page 06 of 09 Pages
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Item 2(b). Address of Principal Business Office, or if None, Residence:
See Item 2(a).
Item 2(c). Citizenship:
Item 2(d). Title of Class of Securities:
Common Stock, $0.0001 par value (the "Common Stock")
Item 2(e). CUSIP Number:
94352W106
Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b)
or (c), Check Whether the Person Filing is a:
Not Applicable
Item 4. Ownership.
1. SDS Capital Group
(a) Amount beneficially owned: 11,888,633 (2)
(b) Percent of class: 9.99% (2)
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote : 11,888,633 shares
(ii) Shared power to vote or to direct the vote : 0 shares
(iii) Sole power to dispose or to direct the disposition of 11,888,633
shares,
(iv) Shared power to dispose or to direct the disposition of 0 shares
(2) Includes 27,635,340 shares issuable upon the conversion of 276.3534
Series J Convertible Preferred shares; 488,680 shares issuable upon
conversion of 244.35 Series G Convertible Preferred shares and
15,870,234 shares issuable upon exercise of warrants. The Reporting
Person may not convert the convertible preferred or exercise the
warrants to the extent such conversion or exercise would result in
the Reporting Person beneficially owning in excess of 9.999% of the
Issuer's issued and outstanding shares of common stock.
2. The Investment Manager
(a) Amount beneficially owned: 11,888,633
(b) Percent of class: 9.99%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote : 0 shares
(ii) Shared power to vote or to direct the vote : 11,888,633 shares
(iii) Sole power to dispose or to direct the disposition of 0
shares,
(iv) Shared power to dispose or to direct the disposition of
11,888,633 shares
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CUSIP No. 94352W106 13G Page 07 of 09 Pages
________________________________________________________________________________
3. Mr. Derby
(a) Amount beneficially owned: 11,888,633
(b) Percent of class: 9.99%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote : 0 shares
(ii) Shared power to vote or to direct the vote : 11,888,633 shares
(iii) Sole power to dispose or to direct the disposition of 0
shares,
(iv) Shared power to dispose or to direct the disposition of
11,888,633 shares
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
Not appilcable
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company or Control
Person.
Not applicable
Item 8. Identification and Classification of Members of the Group.
Not applicable
Item 9. Notice of Dissolution of Group.
Not applicable
Item 10. Certifications.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not
held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not acquired and
are not held in connection with or as a participant in any transaction
having that purposes or effect.
________________________________________________________________________________
CUSIP No. 94352W106 13G Page 08 of 09 Pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: February 14, 2007
SDS CAPITAL GROUP SPC, LTD.
By: SDS Management, LLC, its Investment Manager
By: /s/ Steven Derby
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Name: Steven Derby
Title: Director
SDS MANAGEMENT, LLC
By: /s/ Steven Derby
------------------------------------
Name: Steven Derby
Title: Managing Member
/s/ Steven Derby
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Steven Derby
EXHIBIT 1
The undersigned acknowledge and agree that the foregoing statement
on Schedule 13G is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13G shall be filed on behalf
of each of the undersigned without the necessity of filing additional joint
acquisition statements. The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning him or it contained therein, but
shall not be responsible for the completeness and accuracy of the information
concerning the others, except to the extent that he or it knows or has reason to
believe that such information is inaccurate.
Dated: February 14, 2007
SDS CAPITAL GROUP SPC, LTD.
By: SDS Management, LLC, its Investment Manager
By: /s/ Steven Derby
------------------------------------
Name: Steven Derby
Title: Director
SDS MANAGEMENT, LLC
By: /s/ Steven Derby
------------------------------------
Name: Steven Derby
Title: Managing Member
/s/ Steven Derby
----------------------------------------
Steven Derby