alea, yes,
your argument imo rests on ordinary course = non-material, and I believe that to be false.
8-k requires
1) non-ordinariness
or
2) dependenciness
The venn of Material events for Wave includes:
1) non-ordinary material,
2) dependency material,
3) ordinary, non-depdency material.
Ordinary non-dependency material is Wave's normal business, generally good for a couple $mill a Q, and is reported on Form 10q.
Dependenciness for Wave re 8-k is mostly populated by Item 1, entry into a material definitive agreement - sale of securities and rarely Item 8 - other (sale of products). The measure of dependiness is, imo, the degree with it can measurably push the next pending PP. But not being big enough to push a PP does not make it non-material, just not 8-k requiring.
The above content is my opinion.
