Only replying to you here because you are wrong.
In the filing that announced the reverse split was this:
CONSOLIDATION
The Company has announced that it will seek Shareholder approval at the 2013 Annual Meeting of Shareholders to be held on 20 June 2013, to amend the Companys Restated Certificate of Incorporation in order to effect a Reverse Stock Split of the Companys Class A Common Stock and Class B Common Stock.
The proposal seeks to give the Board of Directors authorisation to combine each outstanding 2, 3
or 4 shares of the Class A Common Stock and Class B
Common Stock into one share of either Class A Common
Stock or Class B Common Stock, at the discretion of the Board. Further information may follow in due course.
The further information caveat leaves the door open to change this ratio. They cannot lock themselves into a ration of any of these numbers should the shareprice fall below a threshold that would bring it above the 1.00 price that is needed.
You may feel that is no problem, and that may be fine.
The problem I see looming for wave and the long shareholders is that authorization of this RS falls before or very close to the reporting of the 2nd quarter result.
It's all well and fine to say it's coming and June is ours. Did anybody truly expect revenues to fall below 6M? I don't think there is one long that saw that coming. The longs don't put any stock into the reality of how fast the DELL portion of the revenue stream is peeling away. The numbers bear this out.
There is an urgency in this second quarter which I don't know if the longs have recognized yet.
It's very possible the share will trade in a .35 to mid .40's range until this RS is settled. If it's trading in the .35 to .40 area the 1:3 leaves minimal wiggle room and at 1:4 that gives them a .40 to .60 buffer. If 2Q comes in flat or slightly above Q1 with no visible revenue announced you have the risk of dropping below $1 again shortly after the RS, with probably no leeway granted by the NASDAQ. You run the risk of shareprice deterioration from more dillution via PP or ATM. This 2nd quarter which is nearly half over could be the most important in the history of this company. All the dots and news release aren't going to help this equity stay listed if the performance is more of the same given the proximity of the RS and Q2 numbers.
