then you have a view of 8k reporting that differs from mine.
8k reporting is an obligation rather than a voluntary action.
"New Item 1.01 requires the disclosure of material definitive agreements entered into by a company that are not made in the ordinary course of business. The item parallels Items 601(b)(10) of Regulation S-K with regard to the types of agreements that are material to a company, a standard already familiar to reporting companies."
The 8k rules don't appear to provide a rule that says - also send your non-material, non-ordinary items in our direction. So there's a reason Wave is reporting certain large transactions using 8k forms which your rationale doesn't appear to explain.
Under item 601(b)(10) of Regulation S-K, Wave appears to be obliged to report "Any contract upon which the registrant's business is substantially dependent...". Such transactions are specifically identified as falling outside the ordinary course of business.
It seems to me that a reasonable interpretation of the word material is that it has a similar sense as the concept of substantial corporate dependency. In a company of Wave's scale and earnings dynamics, it is dependent on any material contract. Thus, Wave must interpret all of its material transactions as outside the ordinary course of its business.
As we know that Wave appears to report its material transactions under the 8k rules, and that it must do so because it believes it is required to, I suggest its attorneys interpret the rules in a way that is similar to my interpretation.
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