I was stunned when the proxy only afforded ratios
from 1:2 to 1:4 and posted somewhere I expected 1:10 or at least 1:5.
These guys are really pretty dim.
Certainly throwing $50m at Xpress learnt them nuttin.
The considerable up-front nature of the GM deal had a lasting impact on their ability to see outside of their own office.
While the could have boldly piped at around $3 well before the doughnut hole fully manifest itself, they were still wallering in a GM stupor note seeing that each deal was smaller than the last, each interval greater than the last.
It'd be comical were it not so tragic, but the tragedy was carefully orchestrated by closed minds, closed boards (both kinds: internet boards and corporate boards).
I can't see a rational basis for having or seeking equity exposure to WAVX at this time. It seems many see that was well, something has to explain the volume.
I don't expect to see a reduction in short interest until the bloodbath after the RS.
I believe Wave's current circumstance prohibits many from buying their products at this point. That is part of why I expected a much more robust RS ... face the music, throw current shareholders under the bus, do a big RS (1:10) and then seek major financing of the sort that might include board seats.
That is how I thought they were going to get out of this jam. But the blindness, the pride, and the fear of including anybody else in the power structure appears to be blocking that. So they keep buying into their own unsafe harbor, keep trying to do small changes to broken things because they keep listening to themselves about their "positioning".
Until equity markets no longer provide they will do this. Eventually, equity markets will dry up, they will have to put a serious hunk of the company on the table, and some control (and probably a brand).
The above content is my opinion.
