Alea,
I hear you, but I would not want a CEO to be solely guided by appearance to shareholders.
Because there is a void of any real information, it is impossible to gauge the cost/benefit of the deal.
From a cost perspective, Wave is cash poor so there really is no other means to fund development like this. It is favorable to Wave paying cash (Wave would have sold shares in this scenario as well).
"if you think the equity will increase in value, it's not a very smart way to pay someone." -- Ha, perhaps the other party valued their IP at $5 mm. :)
