part of what is likely making it difficult for Wave to do anything on the equity front is that Wave is largely illiquid at this point. With daily volume of say, 100k actual shares, only $85k in actual money moves around, this is not the sort of liquidity to support anything. So the options market is dry, one can't move meaningful amounts of shares and so on. Who is going to buy a $5m placement when such a placement represents 2 or 3 months or trading volume? Only somebody who believes in the company itself would be inclined to play that game.
So yes, the last buyer bought shares for a somewhat long term horizon (they are unregistered e.g.) and some call this bullish. To me, it as much speaks towards the notion that WAVX is toxic to normal equity funding because of pithy volume and secondary market interest. So in the end, the only place money is going to come from is the odd-ball longer term investors who are going to demand pretty sweet warrants (5 years for half the placement at the same arguably discounted price) and the total size of such efforts will be rather constrained given liquidity issues.
| 