Does a reverse split require shareholder approval? If not, Wave could do a RS prior to the new PP. That way we'd meet both the SP and the Market Cap requirements to remain listed. Don't like it but...
Reverse splitting can only help the share price, Wave is now under the 50 million market cap and all the splitting in the world will not help that. Delisting notice will be sent out the end of April then Wave has 180 days to get the market cap over 50 million.