Being just a shareholder means not being privvy to all the juicy stuff that could be going on underneath the surface. The best one in our position can do is try to glean as much information as we can and make informed decision. That being said, this cannot be dissected or spun in any other way. This stinks. Someone else said summed it up about being livid with a heading into the weekend release. True that, almost an act of cowardice by a management unwilling to face a very sympathetic and long leash giving shareholder base. I think about all this is going to accomplish is eradicating the blase attitude many have had here on some of the actions of those in Lee.
Wow, I am still kind of reeling from this. This can't be good for the shareprice from here on out, as if this stock needed more uncertainty added into the mix. If you are of the school of thought-and how can you not given the number of 8K's and other PR's that have been released that have not budged the price- that $$$$'s are the only thing that will support and raise the shareprice, that we do not have any coming on the horizon. Even if they chose the delisting route the move to the OTC IMO would have no bearing on the companies ability to raise funds if they had a guarenteed revenue stream from which to count on. And if they knew the afore mentioned revenue stream was on the horizon they should have the option to incur some debt instead of reversing. I can see no other arguement to disprove this. To improve shareholder value is just plain bogus. The company knows damn well how supportive their shareholder base has been and those that get it, get it-they don't need to be placated by some bogus puffed up share price.
From today's release "Wave's board has determined that a reverse stock split represents the most direct action that Wave can take to address its goal of maintaining its listing on the Nasdaq National Market and has recommended that Wave's stockholders vote in favor of the proposal. The board and management believe that continued listing on the Nasdaq National Market is in the best interests of the Company and its stockholders and puts Wave in the best position to implement its business plan. If a reverse stock split is approved by the shareholders at the meeting, Wave's board of directors will determine whether a reverse stock split remains in the best interests of the company and, if so, the ratio at which the reverse stock split will be effected (either 1:2, 1:3 or 1:4)."
I don't like the fact that the Board reserves the right to choose the effective split rate. You have to believe that all other options have been tapped out. The bottom line for me remains that the reveune stream is still a ways out. This IMO is a grave sign coming from Lee. I don't like it and won't vote for it. If I had bought any in the last few weeks or held huge blocks of shares like many here, you must feel like you've been blind sided. And why not there is a good possibility half or more of your shares will be gone. With no way to guarentee the price stays over a dollar. The only thing I see happening here after the split is the price comes back to where we are now as many long timers throw in the towel. And if this goes down who can blame them. Longtimers have been through so much in this stock I couldn't imagine having to face that decision with as much invested as some have. Good luck to us all, we just entered some really choppy waters.
Dave
AI
