Snack, if you think $25M worth of additional dilution is "good news" the Wave story is far worse than i ever imagined.
if they float it as a secondary, it will definitely dampen the pps & if done as one issuance, it will seriously erode the price. the shares will come directly from treas. & avoid the hefty origination costs for highly reputable firms like J.P. Carey -- LOL.
it is a fixed dollar amount & Wave (assuming for arguendo that the SEC will approve the registration) will be free to issue in the quantities they see fit, when they see fit, which will be divided by the price... i know, of course this means 5M shares @ $5 or maybe 1M shares @ $25, or whatever nonsense voids wanna foist...
heck maybe it'll be 1 share for $25,000,000. but no matter how many (or few) it is & @ whatever price they get issued, they will still be competing w/whatever existing shares are at the ask on any given day of issuance.
AND, all of this assumes that Wave will come away from the ongoing formal SEC investigation squeaky clean, which IMO is about as big an IF as there could be, AND given Bushnell's Form 4 filing EIGHT MONTHS after he dumped the shares, the IF gets bigger & bigger & bigger every keefing day. & yes, companies DO issue PRs when SEC investigations conclude, SO, one can presume that Wave is still under the spotlight of the probe & one can only wonder why it is taking so long?!?
This is on top of Senior Sprague saying in the Smart Money article, "Wave of Delusion" that he sold 100K when in fact he sold 500K (according to SEC filings) & on top of the fact that the July/August announcements are now almost 3Qs old & there hasn't even been the sleightest (how's that fer Freudians?) hint of revs AND the Company is now going back to the well again for another $25 mil... oh yeah, then there is the fact that mgmt chose to not disclose their compensation in the 10K. tell me Snack, why would Wave mgmt hide their compensation like this?
SO, thanks for informing me that i don't understand the premise of a shelf registration.
please explain it to me.
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