Hi tkc,
Just to clarify re use of ATM.
Not saying it will not be needed. Just that it was needed far less in May than I expected. Since a zero cash balance provides a lower bound for a debt-free company, and since the balances were already stretched in Q1, then that forces me to certain conclusions.
Income is covering the deficiency.
And/or expenses are being deferred.
Since we know more-or-less what Wave's expenses are, then we can make decent guesses on the income side.
Wave may find that June is softer than May, in which case the $1/2m or so I presume they required this month would not be adequate and extended use of the ATM would be necessary. I just think whatever they need is not going to be massively dilutive from here. Even if they sold 5m shares at 90 cents, that is nothing like the doom I was worried about. I had something like 20m shares at 30 cents as a possibility after the dismal Q1 results and assuming an equal or worse Q2.
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