It's over. I would say that an interested party will now extend a behind closed doors bid for Wave's Intellectual Property for ~$1 a share. That's the only asset. Why pay for anything else? With no installed base, no customer base, and no real clear and concise indication of any significant deployments currently or in the future, the patents and limited goodwill spread in the marketplace over the past year are worth approximately $1 of consideration in my opinion.
However, lookout for management's ego. The most likely immediate plans are to cut the burn-rate and try to eek out another year of operations on fumes hoping (praying) for customers to finally come and some more financing to come their way. They probably still think that Intel, et al, will continue to tout their name. Well, after a year, that didn't help generate sales and now the whole security market and the IT professionals that make the buying decisions know Wave hasn't sold squat even with Intel's support. Why would an IT professional deploy Wave technology throughout their enterprise if none of their counterparts have? Install a system for millions from a company for which the odds that they are even around in a year is very doubtful? Yeah, right. Furthermore, the bottom line is that the joint venture with Intel, et al, has been a TOTAL failure. Why would Intel continue the program and invest more money in the program with the reality that your partner may not be around in a year?
At least if they sell the patents and the other Intellectual Property for all the software, investors will get out with something. And come to think of it, since management holds significant quantities of stock, it would be in their best interest as well. And that point right there pushes the deal right through up to stockholder approval. You know management will go for the cash.
The only remaining question then is: "Do you want fries with that?" because obviously stockholders will approve the sell-out (no choice but to take what you can get) and then just head off to Mickey Ds with the funds.
Paul
