Proxy Battle Association

Association of micro cap hedge funds doing proxy contests. DMs are open

[Proxy Battle Association @BattleProxy]

WAVD Board may be taking advantage of shareholders. Shareholders should look carefully
___
Wavedancer (WAVD) CEO Trying To Buy The Company's Code
Modernization Business For A Meager $1.5 Million; Only Disclosed In

SEC Filings.
1/31/2024

Summary
1. Through a reverse merger transaction with a start-up “A.I.” data analytics medical device
company (Firefly Neuroscience), Wavedancer, Inc.'s (NASDAQ:WAVD) COBOL code
modernization business is set to be sold to the CEO for $1.5 million, or at a P/S
multiple below 0.2x, a valuation we feel is ridiculous.
2. The reverse merger press release did not mention that the CEO is buying the
legacy modernization business! WHY?
3. Our valuation opinion is based on management’s own presentation in 2021, before the
current CEO’s appointment in August 2021, where it set revenue goals of $100 million
by 2025, or 10x the company’s annual revenue run-rate, and $10 million in EBITDA.
4. The presentation is no longer on the company’s website, but it can still be viewed via an
8K.
5. The stock has been in the dumps for the last three years due to management’s failed
attempt to expand outside the company’s core code modernization business by
purchasing a blockchain logistics software company in 2021 called Gray Matters for $7.5
million.
6. In early 2023, WAVD sold Gray Matters to a venture capital firm for $2.4 million.
7. WAVD has a track record of competing in the code modernization industry. Now that
they sold Gray Matters, management has been able to focus on its core business again,
and just won two long-term contracts (August & September) worth up to $19 million,
much more than what the CEO is offering to buy the WHOLE modernization business
for.
8. Interestingly, the CEO has also been acting as CEO of Gray Matters.
9. As justification for the $1.5 million price tag, in the merger proxy, the company now cites
weak industry factors, despite appearing optimistic in recent press releases announcing
the new contract wins and its third quarter 2023 SEC filing.
10. Using the source that WAVD itself used in its favorable 2021 investor presentation,
shows that the lines of COBOL code addressable market has about quadrupled since
then.

11. Additional conversations with an industry expert also indicate that the code
modernization industry is experiencing new strong tailwinds that will last several years.
12. In fact, over the last two months, International Business Machines (NYSE:IBM)
and Amdocs Limited (NASDAQ:DOX) acquired code modernization assets.
13. We list other options that WAVD’s Board could explore to unlock shareholder value.

Details can be found at https://t.co/rsQFxsgfNY

[Proxy Battle Association @BattleProxy]

WAVD Board may be taking advantage of shareholders. Shareholders should look carefully
___
Wavedancer (WAVD) CEO Trying To Buy The Company's Code
Modernization Business For A Meager $1.5 Million; Only Disclosed In

SEC Filings.
1/31/2024

Summary
1. Through a reverse merger transaction with a start-up “A.I.” data analytics medical device
company (Firefly Neuroscience), Wavedancer, Inc.'s (NASDAQ:WAVD) COBOL code
modernization business is set to be sold to the CEO for $1.5 million, or at a P/S
multiple below 0.2x, a valuation we feel is ridiculous.
2. The reverse merger press release did not mention that the CEO is buying the
legacy modernization business! WHY?
3. Our valuation opinion is based on management’s own presentation in 2021, before the
current CEO’s appointment in August 2021, where it set revenue goals of $100 million
by 2025, or 10x the company’s annual revenue run-rate, and $10 million in EBITDA.
4. The presentation is no longer on the company’s website, but it can still be viewed via an
8K.
5. The stock has been in the dumps for the last three years due to management’s failed
attempt to expand outside the company’s core code modernization business by
purchasing a blockchain logistics software company in 2021 called Gray Matters for $7.5
million.
6. In early 2023, WAVD sold Gray Matters to a venture capital firm for $2.4 million.
7. WAVD has a track record of competing in the code modernization industry. Now that
they sold Gray Matters, management has been able to focus on its core business again,
and just won two long-term contracts (August & September) worth up to $19 million,
much more than what the CEO is offering to buy the WHOLE modernization business
for.
8. Interestingly, the CEO has also been acting as CEO of Gray Matters.
9. As justification for the $1.5 million price tag, in the merger proxy, the company now cites
weak industry factors, despite appearing optimistic in recent press releases announcing
the new contract wins and its third quarter 2023 SEC filing.
10. Using the source that WAVD itself used in its favorable 2021 investor presentation,
shows that the lines of COBOL code addressable market has about quadrupled since
then.

11. Additional conversations with an industry expert also indicate that the code
modernization industry is experiencing new strong tailwinds that will last several years.
12. In fact, over the last two months, International Business Machines (NYSE:IBM)
and Amdocs Limited (NASDAQ:DOX) acquired code modernization assets.
13. We list other options that WAVD’s Board could explore to unlock shareholder value.

Details can be found at https://t.co/rsQFxsgfNY

[Proxy Battle Association @BattleProxy]

WAVD Board may be taking advantage of shareholders. Shareholders should look carefully
___
Wavedancer (WAVD) CEO Trying To Buy The Company's Code
Modernization Business For A Meager $1.5 Million; Only Disclosed In

SEC Filings.
1/31/2024

Summary
1. Through a reverse merger transaction with a start-up “A.I.” data analytics medical device
company (Firefly Neuroscience), Wavedancer, Inc.'s (NASDAQ:WAVD) COBOL code
modernization business is set to be sold to the CEO for $1.5 million, or at a P/S
multiple below 0.2x, a valuation we feel is ridiculous.
2. The reverse merger press release did not mention that the CEO is buying the
legacy modernization business! WHY?
3. Our valuation opinion is based on management’s own presentation in 2021, before the
current CEO’s appointment in August 2021, where it set revenue goals of $100 million
by 2025, or 10x the company’s annual revenue run-rate, and $10 million in EBITDA.
4. The presentation is no longer on the company’s website, but it can still be viewed via an
8K.
5. The stock has been in the dumps for the last three years due to management’s failed
attempt to expand outside the company’s core code modernization business by
purchasing a blockchain logistics software company in 2021 called Gray Matters for $7.5
million.
6. In early 2023, WAVD sold Gray Matters to a venture capital firm for $2.4 million.
7. WAVD has a track record of competing in the code modernization industry. Now that
they sold Gray Matters, management has been able to focus on its core business again,
and just won two long-term contracts (August & September) worth up to $19 million,
much more than what the CEO is offering to buy the WHOLE modernization business
for.
8. Interestingly, the CEO has also been acting as CEO of Gray Matters.
9. As justification for the $1.5 million price tag, in the merger proxy, the company now cites
weak industry factors, despite appearing optimistic in recent press releases announcing
the new contract wins and its third quarter 2023 SEC filing.
10. Using the source that WAVD itself used in its favorable 2021 investor presentation,
shows that the lines of COBOL code addressable market has about quadrupled since
then.

11. Additional conversations with an industry expert also indicate that the code
modernization industry is experiencing new strong tailwinds that will last several years.
12. In fact, over the last two months, International Business Machines (NYSE:IBM)
and Amdocs Limited (NASDAQ:DOX) acquired code modernization assets.
13. We list other options that WAVD’s Board could explore to unlock shareholder value.

Details can be found at https://t.co/rsQFxsgfNY

[Proxy Battle Association @BattleProxy]

WAVD Board may be taking advantage of shareholders. Shareholders should look carefully
___
Wavedancer (WAVD) CEO Trying To Buy The Company's Code
Modernization Business For A Meager $1.5 Million; Only Disclosed In

SEC Filings.
1/31/2024

Summary
1. Through a reverse merger transaction with a start-up “A.I.” data analytics medical device
company (Firefly Neuroscience), Wavedancer, Inc.'s (NASDAQ:WAVD) COBOL code
modernization business is set to be sold to the CEO for $1.5 million, or at a P/S
multiple below 0.2x, a valuation we feel is ridiculous.
2. The reverse merger press release did not mention that the CEO is buying the
legacy modernization business! WHY?
3. Our valuation opinion is based on management’s own presentation in 2021, before the
current CEO’s appointment in August 2021, where it set revenue goals of $100 million
by 2025, or 10x the company’s annual revenue run-rate, and $10 million in EBITDA.
4. The presentation is no longer on the company’s website, but it can still be viewed via an
8K.
5. The stock has been in the dumps for the last three years due to management’s failed
attempt to expand outside the company’s core code modernization business by
purchasing a blockchain logistics software company in 2021 called Gray Matters for $7.5
million.
6. In early 2023, WAVD sold Gray Matters to a venture capital firm for $2.4 million.
7. WAVD has a track record of competing in the code modernization industry. Now that
they sold Gray Matters, management has been able to focus on its core business again,
and just won two long-term contracts (August & September) worth up to $19 million,
much more than what the CEO is offering to buy the WHOLE modernization business
for.
8. Interestingly, the CEO has also been acting as CEO of Gray Matters.
9. As justification for the $1.5 million price tag, in the merger proxy, the company now cites
weak industry factors, despite appearing optimistic in recent press releases announcing
the new contract wins and its third quarter 2023 SEC filing.
10. Using the source that WAVD itself used in its favorable 2021 investor presentation,
shows that the lines of COBOL code addressable market has about quadrupled since
then.

11. Additional conversations with an industry expert also indicate that the code
modernization industry is experiencing new strong tailwinds that will last several years.
12. In fact, over the last two months, International Business Machines (NYSE:IBM)
and Amdocs Limited (NASDAQ:DOX) acquired code modernization assets.
13. We list other options that WAVD’s Board could explore to unlock shareholder value.

Details can be found at https://t.co/rsQFxsgfNY

[Proxy Battle Association @BattleProxy]

WAVD Board may be taking advantage of shareholders. Shareholders should look carefully
___
Wavedancer (WAVD) CEO Trying To Buy The Company's Code
Modernization Business For A Meager $1.5 Million; Only Disclosed In

SEC Filings.
1/31/2024

Summary
1. Through a reverse merger transaction with a start-up “A.I.” data analytics medical device
company (Firefly Neuroscience), Wavedancer, Inc.'s (NASDAQ:WAVD) COBOL code
modernization business is set to be sold to the CEO for $1.5 million, or at a P/S
multiple below 0.2x, a valuation we feel is ridiculous.
2. The reverse merger press release did not mention that the CEO is buying the
legacy modernization business! WHY?
3. Our valuation opinion is based on management’s own presentation in 2021, before the
current CEO’s appointment in August 2021, where it set revenue goals of $100 million
by 2025, or 10x the company’s annual revenue run-rate, and $10 million in EBITDA.
4. The presentation is no longer on the company’s website, but it can still be viewed via an
8K.
5. The stock has been in the dumps for the last three years due to management’s failed
attempt to expand outside the company’s core code modernization business by
purchasing a blockchain logistics software company in 2021 called Gray Matters for $7.5
million.
6. In early 2023, WAVD sold Gray Matters to a venture capital firm for $2.4 million.
7. WAVD has a track record of competing in the code modernization industry. Now that
they sold Gray Matters, management has been able to focus on its core business again,
and just won two long-term contracts (August & September) worth up to $19 million,
much more than what the CEO is offering to buy the WHOLE modernization business
for.
8. Interestingly, the CEO has also been acting as CEO of Gray Matters.
9. As justification for the $1.5 million price tag, in the merger proxy, the company now cites
weak industry factors, despite appearing optimistic in recent press releases announcing
the new contract wins and its third quarter 2023 SEC filing.
10. Using the source that WAVD itself used in its favorable 2021 investor presentation,
shows that the lines of COBOL code addressable market has about quadrupled since
then.

11. Additional conversations with an industry expert also indicate that the code
modernization industry is experiencing new strong tailwinds that will last several years.
12. In fact, over the last two months, International Business Machines (NYSE:IBM)
and Amdocs Limited (NASDAQ:DOX) acquired code modernization assets.
13. We list other options that WAVD’s Board could explore to unlock shareholder value.

Details can be found at https://t.co/rsQFxsgfNY

[Proxy Battle Association @BattleProxy]

2023 is shaping up to be one of the most important years in proxy battle history