blue FWIW, at Wave the shelfie is normally the source that PPs draw from.
You describe them as either or, I believe the purpose of the shelfie was to enable future PPs (or perhsp some sort of strategic thingy).
It is true that the last admin did use the shelfie to fund the ATM, and the current admin has indicated they have no interest in ATM facilities ... certainly that can change, but in any event the preponderance of Wave's PPs have been drawn from a shelfie.
Indeed a leading purpose for filing a shelfie is to be able to do PPs and offer to prospective buyers of the PP registered shares, the shelfie registration accomplishing that. I suspected that for an outfit in Wave's position finding a market for unregistered shares would prove more difficult, the placement would be contingent on registration, should the registration somehow fail the whole deal blows up and is a waste of a lot of peoples time.
The above content is my opinion.
