basically, the story stays the same.
wave is a company that will probably survive and reach success.
wave is a crap company to own, as to reach success, wave is going to continue to pummel and dilute its stockholders in return for new money.
in order to get away with pummelling its stockholders, wave will make them think success is just around the corner. they can do this because the law permits them a harbour which is safe for them to blow smoke in.
so the stockholders will stay invested thinking that the last time they were pummelled and diluted was the final time and success is just around the corner.
but in fact, the pummelling and dilution will continue.
the only chink in the cycle is the cfo's obligation to describe the company's cash requirements. they tell us that wave is still in dilution mode.
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