I was thinking months ago that they could dump the franchise for ca. 4x SFND sales, and the $2m sale of SFND licenses reinforced that belief, so the rivetzing component of the upcoming CC is the degree with which they cut the puffery and get straight selling SFND and effectively closing shop.
Sales of ca. $12m in products, profitably according to segment reporting, would normally be good for a few times sales at the chop shop. Somebody with money seeking easy listing could reverse triangular/reverse shell, keep the SFND property running and do whatever it is their real business is (say e.g. Winmagic wanted to be a listed company). It would seem that absent real debt, Wave is a decent target for a reverse shell. Unless of course their tentative listing status precludes all this. Perhaps gaining a listing extension will relieve constraints and allow some sort of reverse deal.
Unfortunately, these are not the sorts of things that get fleshed out in CCs. Anything short of a sell-out or a major buy-in (effectively washing out current shareholders) would be stunning in the end.
The above content is my opinion.
