In your scenario, I'd expect the VC to want cash for Safend shares, rather than shares in a (fairly) thinly traded stock. This might have been achieved using Wave's shelf.
But that wasn't what happened.
So I suspect the VCs may have hedged their bets a little. They now own Wave stock which looks (from both the numbers and the market) like it has a better potential upside than Safend. The VCs have the option of continuing to stay invested, or dribbling stock into the marketplace as opportunities to do so emerge. Either works better than staying invested in a private company with shrinking revenues.
I guess what I am saying is that we don't know that the VCs are disinterested in Wave's opportunity and their only motivation is to escape Safend.
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