Micro
As you've read there are a number of reasons that Wave felt delisting to the capital market (or maybe it was actually to the bb) was not in the best interests of the company. It's a judegement call; I can't judge how outside investors, employees and customers would feel. At the outset, I didn't think it would be horrible but that was not a very informed opinion.
The RS conveys all sorts of horrors but when you disect it, the biggest issue is whether this allows shorts to more aggresively attack the stock than before (remembering they have been caught naked once before). On the day of the split, the market cap is exactly the same and the business model is exactly the same. A RS is not the same as "death spiral" financing. But less liquidity would tend to increase volatility.
Do you think that the stock price would remain level if on Friday they announced they had been moved to the Nasdaq Capital Market.
Don't get me wrong. I veiw this as a negative surprise. Not the RS itselff, but the point that Wave beleives being on the National market is espcecially important and worth whatever risks one can attribute to a RS decision. Wheter it is necessary will be clear by July 24th.