Hmmm. I think you've nailed it there. Well, there's probably still a few Wavoids, but I think you're right, most have degenerated into simple Spraguoids.
As I've mentioned previously, I'm all but certain that some of them will throw money at whatever the next Sprague IPO is after Wave finally nullifies the current shareholders.
Maybe an electric car manufacturing plant? (That is really just an office that churns out "designs" and new shares.)
Sign me up. NOT.