basically,
1. health (doesn't appear to be the case)
2. gross malfeasance (well within their capacity, but who knows, as stated elsewhere, that last 8k was really fishy to me)
3. collapse of private investor confidence (the last couple placements have not been kind to the investors, a new thing for Wave, the old routine of news/PP/news SP run has completely gone flat.
4. mutiny at Wave
5. or, things are falling apart and radical reorganization is required.
My money is on all of 2 through 5.
I can't remember how big the parachute is, but it was 7 digits.
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