ICBW but recently the clients of
Craig-Hallum shelled out ca. $10m for shares and warrants of WAVX Class A common at a price of $1.90 and the warrants carrying the same strike ($1.90).
It may be a matter of professional courtesy that Craig-Hallum exerts pressure on recipients of such funding (Wave Systems in the case) for a presentation and perhaps more pressure when the equity has never traded publicly at the price, $1.90, since the placement and has only gone south since then.
If such is the case then the presentation may be a matter that Wave is entirely uninterested in doing, but one for which they feel somewhat compelled.
Again, ICBW, but given the status of the balance sheet at the last report and given the history you are claim "continues to track the arc of the previous CEO's sad trajectory" I would personally note that I am not familiar, BICBW, of Wave having done this type of road-show thing in the past with their most recent agent when they didn't need money ... and I don't think a sound argument can be made that they, at the moment, need money.
Consequently, this particular event, to me, lacks resemblance to Wave's history of such events. If, however, you are reducing the granularity to simply 'is this a large sale or not' then I suppose you could make the argument you are making (which apparently is not a viewpoint but rather a marshaling of facts).
In short, I find the timing of this to be unusual, note that it is with the most recent agent, and personally speculate that Craig-Hallum put them up to it. It was a comparatively large placement for a company in Wave's position, C-H could easily be just calling them to the mat.
(None of this is anything close to anything where I might have any experienced-based or otherwise informed notion of what is or is not.)
The above content is my opinion.
