More on Penrose limits and non-local theories
  We obtain the Penrose limit of six dimensional Non-Commutative Open String (NCOS$_6$) theory and show that in the neighborhood of a particular null geodesic it leads to an exactly solvable string theory (unlike their counterparts in four or in other dimensions). We describe the phase structure of this theory and discuss the Penrose limit in different phases including Open D-string (OD1) theory. We compute the string spectrum and discuss their relations with the states of various theories at different phases. We also consider the case of general null geodesic for which the Penrose limit leads to string theory in the time dependent pp-wave background and comment on the renormalization group flow in the dual theory. 
Somdatta Bhattacharya and S. Roy