Robert, doing the reverse split was to keep Wave on NASDAQ. I don't think that by approving it that it gave management the go ahead to do anything they wanted.
I believe management does things to better the company. I am not saying the 500,000 in not to high, but they must have a reason for doing so that is in the interest of the company. I am not one that thinks they are only thinking of themselves. I think they are trying to set the stage for bigger and better things.
Those that think it is just a money grab are way off line in my opinion.