hi dig,
more of the usual diluted porridge is not something i'm too excited about. and that seems to be happening again.
my more positive stance towards dilution is conditional on price. and i think price improvement is conditional on progress.
eg i wouldn't resent wave selling 2m shares to bring in $20m. but to get to that kind of value, wave would need to impress the market that its opportunity is worth investing in. $20m would make their balance sheet more healthy and the business more credible as a going concern; and i and other investors wouldn't worry about dilution for a good while.