No new dilution here, I think.
Either it's a share for share swap, which we knew about, leaving Safend's VCs owning Wave stock.
Or it's a dilution of Wave stock for cash, and payment of cash to the shareholders of Safend - replacing the Safend VCs with new owners of Wave's equity.
Either way would see the same amount of dilution, pretty much.
One way or another, the commentary isn't very clear.