kisamura, your post makes no sense. If there were meaningful news, ie a deal with money, that would likely obviate the need for a PP. You seem to suggest that there is a PP in the wings which Wave is waiting to complete until they are able to announce "meaningful" news.
Also your assuming that a PP is pending or is likely in the short run. You may be right but its still an assumption.
Its been a while since the last PP and SKS said the ATM hasn't been used since the last PP. The appear to have made it through Q4 without raising additional money and the first quarter of Q1 13 without rasing any money.
I think it is more likely that Wave was able to acheive B/E in Q4 12 and have been able to maintain B/E to date. Of course that could change, but my scenario seems more plausable.