Eamon- Agreed! As much as the price of the pp is below expectations, the deal is straight to the point and it's done!!!
Debt???? Who would loan Wave $$$$ with their revenue history. What would they secure it with? Certainly wouldn't be attractive in terms of an interest rate.
Converts- Again, what interest rate would they have to pay? You would still be diluted.
As much as I would prefer earnings to sustain Wave, I'd rather have this than some of the other choices.