Big Bounce, you may be on to something,
Wave has somewhat tarnished what was a sterling record in the matter of private placements.
I'm not kidding, I'm not bashing, it is what is. Those that enter into placements with Wave have historically been able to exit prior to or very proximally to the placement at a profit and carry the warrants essentially for free.
Along with trying to sell its various products, Wave sells shares ... and the going is getting rough on that side of their business (the more productive side historically).
The best way to solve that is to generate another good warm feeling in the placement arena. Delay news, place at a discount, release news, the qualified placement investors can dump and sit on their warrants, Wave's rep in placement circles is repaired, the company gets the funding it needs and a better record to seek similar funding in the future.
This, of course, throws current shareholders under the bus in many respects, but there is no evidence that this factors greatly into their strategy of making the company, Wave Systems, successful.
Now, it wont happen like this, but it is a good plan from managements perspective.
On the proxy, they should have just authorized the printing and distribution of bazillions of Class B 5:1 voting rights stock and gotten it over with and quit the bloody charade.
The above content is my opinion.
